Document:

Stock Purchase Agreement, dated July 22, 2004

  
 Exhibit 10.22

  
 EXECUTION COPY 
  
 STOCK PURCHASE AGREEMENT 
  
 THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made and
entered into as of July 22, 2004, by and between ExlService Holdings, Inc., a Delaware corporation (“ExlService Holdings”), and NUI Investments Limited, a private limited company incorporated under the laws of England and Wales
(“NUI”). 
  
 RECITALS 
  
 WHEREAS, ExlService Holdings wishes to sell to NUI and NUI desires to
purchase from the ExlService Holdings 526,316 shares of ExlService Holdings’ Series A Common Stock, par value, $0.001 per share (the “Purchased Common Shares”), according to the terms and conditions hereof. 
  
 NOW, THEREFORE, in consideration of the premises and agreements contained
herein, the parties hereto intending to be legally bound, hereby agree as follows: 
  
 1. Purchase and Sale of Stock. Subject to the terms and conditions of the Agreement, ExlService Holdings hereby agrees to sell to NUI and NUI agrees to purchase from ExlService Holdings on the Closing Date (as
herein defined), the Purchased Common Shares, at a price of $23.75 per share, for an aggregate purchase price of $12,500,000 (the “Purchase Price”). 
  
 2. Closing. The closing of the sale and purchase of the Purchased Common Shares (the “Closing”)
shall take place at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP at 10:00 a.m., local time, on the date hereof or at such other time, place and date that ExlService Holdings and NUI may agree upon in writing (the “Closing
Date”). At the Closing: 
  
 (a) NUI and
ExlService Holdings shall execute the Joinder Agreement, dated the date hereof, pursuant to which NUI shall become a party to the Stockholders’ Agreement of ExlService Holdings, dated as of November 14, 2002 (the “Stockholders’
Agreement”), in the form attached hereto as Exhibit A (the “Joinder Agreement”); 
  
 (b) ExlService Holdings shall deliver to NUI or its designee a certificate evidencing the Purchased Common Shares and any other necessary
documentation executed by ExlService Holdings, indicating that NUI owns the Purchased Common Shares; and 
  
 (c) NUI shall deliver to ExlService Holdings the Purchase Price for the Purchased Common Shares by wire transfer of immediately available
funds to the account or accounts set forth on Schedule 2 hereto. 
  

 3. Representations and Warranties of ExlService Holdings. ExlService Holdings represents and
warrants to NUI that: 
  
 (a) Organization and
Standing. ExlService Holdings is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. Each subsidiary of ExlService Holdings is a company duly organized, validly existing and in good
standing under its jurisdiction of organization. Each of ExlService Holdings and it subsidiaries has all requisite corporate power and authority to own and operate its properties and assets and to carry on its business as it is currently conducted
and as it is currently planned to be conducted. ExlService Holdings and its subsidiaries are duly qualified to transact business and are in good standing in each jurisdiction in which the nature of the business conducted by them, or their ownership
or leasing of property, or their employment of employees or consultants therein, makes such qualification necessary and where any statutory fines or penalties, or any corporate disability imposed for this failure to qualify, would have a material
and adverse effect (i) on the business, properties, assets or financial condition of ExlService Holdings on a consolidated basis or (ii) in the good faith judgment of senior management of ExlService Holdings, on the business operation prospects of
ExlService Holdings on a consolidated basis during the 12 month period beginning on the date hereof (collectively, a “Material Adverse Effect”). True and accurate copies of ExlService Holdings’ Amended and Restated
Certificate of Incorporation (the “Charter”) and By-laws, each as amended and in effect at the Closing, have been made available to NUI. 
  
 (b) Authorization. The execution, delivery and performance by ExlService Holdings of the Agreement and compliance with all the
provisions of the Agreement: (i) are within the corporate power and authority of ExlService Holdings; (ii) do not require any further consent or approval of any shareholders of ExlService Holdings; and (iii) have been duly authorized by all required
corporate action on the part of ExlService Holdings. 
  
 (c) Execution, Etc. The Agreement has been duly and validly executed and delivered by ExlService Holdings, and, assuming the due authorization, execution and delivery hereof by NUI, constitutes the valid and binding obligation of
ExlService Holdings, enforceable against ExlService Holdings in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally, and except that the availability of equitable remedies, including specific performance, may be subject to the discretion of any court before which any proceeding therefor may be brought. 
  
 (d) Issuance. ExlService Holdings has taken all
necessary corporate action to authorize and to permit it to issue the Purchased Common Shares. The Purchased Common Shares, upon their issuance, sale and delivery will be duly authorized, validly issued, fully paid and nonassessable, and will be
delivered free and clear of all restrictions on transfer, claims, charges, pledges, hypothecations, security interests or any other encumbrance (collectively, “Liens”) (other than those set forth herein or in the Stockholders’
Agreement or the Charter) the issuance and sale of the 

  

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Purchased Common Shares by ExlService Holdings are not subject to any pre-emptive rights or rights of first offer that have not been properly complied with
or waived. 
  
 (e) Governmental Consents.
Assuming the representations and warranties of NUI contained in Sections 4 (d), (e), (f), (h) and (i) are true and correct, no consent, approval, order or authorization or registration, qualification, designation, declaration or filing with, any
federal, state, or local governmental authority on the part of ExlService Holdings is required in connection with the offer, sale, or issuance of the Purchased Common Shares or the consummation of any other transaction contemplated hereby, except
for the compliance with any applicable state securities laws, which compliance will have occurred within the appropriate time periods therefor. 
  
 (f) Compliance with Securities Laws. None of ExlService Holdings nor any of its Affiliates, as defined below, or anyone acting on
its or their behalf has issued, sold or offered any security of ExlService Holdings to any person under circumstances that would cause the issuance and sale of the Purchased Common Shares hereunder to be subject to the registration requirements of
the U.S. Securities Act of 1933, as amended (the “Securities Act”) as in effect on the date hereof, and, assuming the representations and warranties of NUI contained in Section 4 are true and correct, the issuance, sale and delivery
of the Purchased Common Shares hereunder would be exempt from the registration and prospectus delivery requirements of the Securities Act, as in effect on the date hereof, and ExlService Holdings shall not take and shall ensure that none of its
Affiliates (as defined below) shall take any action which would cause the issuance, sale, and delivery of the Purchased Common Shares hereunder not to be exempt from such requirements. For the purposes of the Agreement, (i) “Person”
means and includes any individual, corporation, limited liability company, partnership, joint venture, business association, joint-stock company, trust or unincorporated organization and (ii) “Affiliate” with respect to any Person,
means and includes any other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such Person. The term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
  
 (g) Non-Contravention. The execution, delivery and performance by ExlService Holdings of the
Agreement and the transactions contemplated hereby: (i) does not contravene the terms of ExlService Holdings’ organizational documents, or any amendment thereof, or any provision of the Stockholders’ Agreement, (ii) does not materially
violate, conflict with or result in any breach or contravention of, or the creation of any lien under, any contractual obligation of ExlService Holdings or any of its subsidiaries or any requirement of law applicable to ExlService Holdings or any of
its subsidiaries and (iii) does not materially violate any judgment or orders of any governmental authority against, or binding upon, ExlService Holdings or any of its subsidiaries. 
  

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 (h) Broker’s, Finder’s or Similar Fees. There are no brokerage
commissions, finder’s fees or similar fees or commissions payable by ExlService Holdings or any of its subsidiaries in connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with ExlService
Holdings or any of its subsidiaries or any action taken by ExlService Holdings or any of its subsidiaries. 
  
 (i) Capitalization. ExlService Holdings is authorized to issue 12,055,000.36 shares, consisting of (A) 12,000,000 shares of common
stock, $.001 par value per share, of which 9,555,462 issued and outstanding shares are designated Series A Common Stock and 521,739 issued and outstanding shares are designated Series B Non-Voting Common Stock (collectively, with the Series A Common
Stock, the “Common Stock”), and (B) 55,000 shares of preferred stock, $.001 par value per share (the “Preferred Stock”), of which 45,833.36 issued and outstanding shares are designated Series A Preferred Stock. The
remaining shares of Common Stock may be issued in one or more series. The remaining shares of Preferred Stock may be issued in one or more series. All of the outstanding shares of Common Stock and Preferred Stock are duly authorized and validly
issued, fully paid and nonassessable. Other than the 526,316 shares of Common Stock reserved for options to purchase Common Stock, ExlService Holdings does not have and is not bound by any outstanding subscriptions, options, warrants, calls,
commitments or agreements of any character calling for the purchase or issuance of any shares of Common Stock or any other equity security of ExlService Holdings or any securities representing the right to purchase or otherwise receive any shares of
Common Stock or any other equity security of ExlService Holdings. Except as provided in the Charter or as set forth on Schedule 3(i) hereto, there are no outstanding rights or obligations of ExlService Holdings to repurchase, repay or redeem,
and no Person has any right to currently call for the repurchase, repayment or redemption prior to the stated maturity of, any of its securities. All outstanding securities of ExlService Holdings have been issued in compliance with state and federal
securities laws. 
  
 (j) Financial Statements.
ExlService Holdings has previously made available to NUI copies of the following (collectively, the “Company Financial Statements”): (i) audited consolidated balance sheets of ExlService Holdings and its subsidiaries as of
December 31, 2002 and audited consolidated statements of income, stockholders’ equity and cash flows, for the fiscal year ended December 31, 2002, together with all related notes and schedules thereto, accompanied by the audit report of Ernst
& Young LLP, independent auditors of ExlService Holdings and (ii) the unaudited consolidated balance sheet of ExlService Holdings and its subsidiaries as of December 31, 2003 and the unaudited consolidated statements of income,
stockholders’ equity and cash flows for the year ended December 31, 2003 (the “Unaudited Financial Statements”). The Company Financial Statements fairly present in all material respects the consolidated financial position of
ExlService Holdings and its subsidiaries as of the respective dates thereof, and the consolidated results of the operations of ExlService Holdings and its subsidiaries for the respective fiscal periods covered thereby, in each case in accordance
with United States generally accepted accounting principles (“U.S. GAAP”) consistently applied during the periods involved, except as indicated in any 

  

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notes thereto (and except in the case of the Unaudited Financial Statements, for the absence of footnotes and subject to year-end audit adjustments). Except
as disclosed in the Company Financial Statements, ExlService Holdings has not incurred any indebtedness for money borrowed and is not a guarantor or indemnitor of any indebtedness of any other Person other than its subsidiaries. ExlService Holdings
maintains and will continue to maintain a standard system of accounting established and administered in accordance with U.S. GAAP. 
  
 (k) No Material Adverse Change. Since December 31, 2003, there has not been any change in the assets, liabilities, operating
results or financial condition of ExlService Holdings from that reflected in the Company Financial Statements, except changes in the ordinary course of business that would not have, individually or in the aggregate, a Material Adverse Effect.

  
 (l) Material Property and Assets.
ExlService Holdings has good title to all of its material properties and assets that it purports to own free and clear of all Liens (as defined in Section 3(d)) other than Permitted Liens (as defined below). With respect to the material property
and assets it leases, ExlService Holdings is in compliance in all material respects with such leases and holds a valid leasehold interest free of all Liens. For purposes of this Agreement, “Permitted Liens” means (i) Liens incurred
in the ordinary course of business, (ii) Liens relating to purchase money security interests entered into in the ordinary course of business, (iii) mechanics’, materialmen’s, workmen’s, repairmen’s, warehousemen’s,
carrier’s and other similar Liens (including Liens created by operation of law), (iv) Liens and defects or irregularities in title that do not materially affect the current use of the underlying asset and (v) restrictions on transfer or
assignment of any assets of ExlService Holdings or any of its subsidiaries imposed by any current or future lender to ExlService Holdings or any of its subsidiaries. 
  
 4. Representations and Warranties of NUI. NUI represents and warrants to ExlService Holdings that: 
  
 (a) Organization and Standing; Ownership. NUI is a
private limited company duly organized, validly existing and in good standing under the laws of England and Wales. NUI is a wholly-owned indirect subsidiary of Aviva plc, a public limited company organized under the laws of England and Wales
(“Aviva”). For purposes of this Agreement, a person shall be deemed to be wholly-owned by another person (the “Parent”) if 100% of the voting equity securities of such person are beneficially owned by the Parent.

  
 (b) Authorization. The execution,
delivery and performance by NUI of the Agreement and compliance with all the provisions of the Agreement: (i) are within the corporate power and authority of NUI; (ii) do not require any further consent or approval of any stockholders of NUI; and
(iii) have been authorized by all required corporate proceedings on the part of NUI. 
  
 (c) Execution, Etc. The Agreement has been duly and validly executed and delivered by NUI, and, assuming the due authorization,
execution and 

  

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delivery hereof by ExlService Holdings and the receipt of all required governmental approvals, if any, constitutes the valid and binding obligation of NUI,
enforceable against NUI in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, and except that the
availability of equitable remedies, including specific performance, may be subject to the discretion of any court before which any proceeding therefor may be brought. 
  
 (d) Non-Contravention. The execution, delivery and performance by NUI of the Agreement and the
transactions contemplated hereby: (i) does not contravene the terms of NUI’s organizational documents, or any amendment thereof, (ii) does not materially violate, conflict with or result in any material breach or contravention of, or the
creation of any lien under, any contractual obligation of NUI or any requirement of law applicable to NUI and (iii) does not materially violate any judgment or orders of any governmental authority against, or binding upon, NUI to the knowledge of
NUI. 
  
 (e) Purchase for Own Account. The
Purchased Common Shares, will be acquired for NUI’s own account and not with a view to the distribution or resale of the Purchased Common Shares or any part thereof. If NUI should in the future decide to dispose of any of the Purchased Common
Shares, it understands and agrees that it may do so only in compliance with the Securities Act and applicable state securities laws, as then in effect. NUI agrees to the imprinting, so long as required by law, of a legend on certificates
representing all of its Purchased Common Shares to the following effect: 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED (EACH A “TRANSFER”) WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH
SECURITIES UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS EXLSERVICE HOLDINGS, INC. HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS SATISFACTORY TO IT, TO THE EFFECT THAT SUCH REGISTRATIONS ARE NOT REQUIRED.

  
 THE TRANSFER AND VOTING OF ANY OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF A CERTAIN STOCKHOLDERS’ AGREEMENT, DATED AS OF NOVEMBER 14, 2002, AND THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF EXLSERVICE HOLDINGS, INC., COPIES OF WHICH
MAY BE INSPECTED AT EXLSERVICE HOLDINGS, INC.’S PRINCIPAL OFFICE. EXLSERVICE HOLDINGS, INC. WILL NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON ITS BOOKS UNLESS AND UNTIL THE TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF A CERTAIN

  

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STOCKHOLDERS’ AGREEMENT, DATED AS OF NOVEMBER 14, 2002, AND THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF EXLSERVICE HOLDINGS, INC.

  
 (f) Restricted Securities. NUI
understands that the Purchased Common Shares may not be registered at the time of their issuance under the Securities Act for the reason that the issuance of the Purchased Common Shares provided for in the Agreement is exempt pursuant to Section
4(2) of the Securities Act and that the reliance of ExlService Holdings on such exemption is predicated in part on NUI’s representations set forth herein. 
  

(g) Broker’s, Finder’s or Similar Fees. There are no brokerage commissions, finder’s fees or similar fees or
commissions payable by NUI in connection with the transactions contemplated hereby based on any agreement, arrangement or understanding with NUI or any action taken by NUI. 
  
 (h) Accredited Investor. NUI is an “Accredited Investor” within the meaning of Rule 501 of
Regulation D under the Securities Act, as presently in effect. NUI has read and reviewed the Agreement, is knowledgeable about the business and financial condition of ExlService Holdings, has such knowledge and experience in financial and business
matters as to be capable to evaluate the merits and risks of acquiring the Purchased Common Shares and is able to bear the economic risk making such investment. 
  
 (i) Economic Risk. NUI realizes that the purchase of the Purchased Common Shares will be a highly
speculative investment and involves a high degree of risk, and NUI is able, without impairing financial condition, to hold the Purchased Common Shares for an indefinite period of time and to suffer a complete loss on NUI’s investment.

  
 (j) Independent Investigation. NUI
hereby acknowledges and affirms that it has made all reviews and inspections of the financial condition, business, results of operations, properties, assets and prospects of ExlService Holdings and its subsidiaries and the business of ExlService
Holdings and its subsidiaries as it has deemed necessary or appropriate, that it has had the opportunity to request and receive all information it has deemed relevant to the foregoing from ExlService Holdings and its subsidiaries and that in making
its decision to enter into the Agreement and to consummate the transactions contemplated hereby it has relied solely on (i) its own investigation, analysis and evaluation of ExlService Holdings and its subsidiaries and (ii) the representations,
warranties and covenants of ExlService Holdings contained in the Agreement. 
  
 (k) Exclusivity of Representations or Warranties. In connection with NUI’s investigation of ExlService Holdings and its subsidiaries, NUI may have received certain projections, including projected
statements of operating revenues and income from operations of the business of ExlService Holdings and its subsidiaries and certain information regarding a potential Public Offering (as defined in Section 5(a) hereof). NUI acknowledges that there
are uncertainties inherent in making any such projections or 

  

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other estimates or forecasts. Accordingly, ExlService Holdings and its subsidiaries make no representation or warranty with respect to such estimates,
projections and other forecasts (including the reasonableness of the assumptions underlying such estimates, projections and other forecasts), including, without limitation, any estimate, projection or other forecast regarding a potential Public
Offering. 
  
 The foregoing Sections 4(i)-(k), however, do not
limit or modify the representations or warranties of ExlService Holdings in Section 3 of this Agreement or the right of NUT to rely thereon. 
  
 5. Covenants. 
  
 (a) Approval Rights. Prior to (but not concurrently with) a Liquidity Event (as defined below), for so long as NUI or any
Permissible Transferee (as defined in Section 7(h)) beneficially owns all of the Purchased Common Shares, the following actions shall require the prior written consent of NUI (such consent not to be unreasonably withheld, conditioned or delayed):

  
 (i) any redemption of ExlService
Holdings’ Series A Preferred Stock (other than a redemption pursuant to Section 4.2.4(b) or 4.2.4(c) of the Charter); 
  
 (ii) any pre-payment of ExlService Holdings’ senior promissory notes due 2007 (the “Senior Debt”) (other than a
payment pursuant to Section 6(b) of the Senior Debt); 
  
 (iii) the payment of any cash dividend upon ExlService Holdings’ Series A Preferred Stock or Series A Common Stock (other than any cash dividend paid pursuant to Section 4.2.3 of the Charter); and 
  
 (iv) the entry by ExlService Holdings into any transaction
involving ExlService Holdings or any of its subsidiaries, on the one hand, and (A) Oak Hill Capital Partners, L.P., Oak Hill Capital Management Partners, L.P. (collectively, “Oak Hill”), Financial Technology Ventures (Q), L.P.,
Financial Technology Ventures. L.P., Financial Technology Ventures II, L.P., Financial Technology Ventures II (Q), L.P. (collectively, “FT Ventures”), or their respective Affiliates (including, without limitation, any action taken
by the Board of Directors of ExlService Holdings (the “Board”) to increase the amount of the Liquidation Preference (as defined in Section 4.2.3(a) of the Charter)), or (B) any Affiliate of Vikram Talwar or Rohit Kapoor, on the
other hand, unless such transaction is on terms no less favorable to ExlService Holdings or any of its subsidiaries than those that could reasonably be expected to be obtained in a comparable arm’s-length transaction with an unaffiliated
third-party. For the avoidance of doubt, (x) any transaction involving ExlService Holdings or any of its subsidiaries, on the one hand, and Vikram Talwar or Rohit Kapoor, directly and not through an Affiliate 

  

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of either of them, on the other hand, and (y) any registration rights granted by ExlService Holdings to Oak Hill, FT Ventures, Vikram Talwar and Rohit Kapoor
in connection with a contemplated Public Offering (as defined below) shall not be subject to this clause (iv). 
  
 For purposes of this Agreement, each of the following events shall constitute a “Liquidity Event”: (1) the sale or other
transfer as a result of which, immediately following such sale or transfer, fifty percent (50%) or more of the capital stock of ExlService Holdings is held by a Person (other than Oak Hill, FT Ventures or any of their Affiliates) that did not hold
more than 20% of any class of capital stock of ExlService Holdings prior to such sale or transfer (other than transfers made pursuant to Sections 3.2(b), 3.2(d) or 3.2(f) of the Stockholders’ Agreement) or the sale, lease, or other transfer or
disposition of all or substantially all of the assets of ExlService Holdings, in either case whether (x) directly or indirectly, by merger, combination or other similar transaction or (y) in a single transaction or series of related transactions; or
(2) an underwritten public offering and sale of equity securities of ExlService Holdings or any subsidiary thereof pursuant to an effective registration statement under the Securities Act of 1933 (the “Public Offering”). 

 
 (b) Stockholders’ Agreement; Charter. NUI
covenants and agrees that any Purchased Common Shares purchased by NUI hereunder will be subject to the terms and conditions of the Charter and, upon execution of the Joinder Agreement, the Stockholders’ Agreement including, without limitation,
any and all alienability restrictions set forth herein or therein. 
  
 (c) Information/Inspection Rights. ExlService Holdings shall provide to NUI (i) copies of all such financial statements that are provided to any stockholder of ExlService Holdings or holder of Senior Notes
promptly upon providing such financial statements to such stockholder or such noteholder, and in any event shall provide to NUI copies of audited consolidated financial statements of ExlService Holdings, no later than 120 days after the end of each
fiscal year of ExlService Holdings, and (ii) such financial or other information (other than any information that relates to any customer, supplier or client of ExlService Holdings or any of its subsidiaries or other information that the Board,
exercising its good faith business judgment, determines to be competitively sensitive information) relating to ExlService Holdings and its subsidiaries as NUI may reasonably request from time to time. ExlService Holdings shall permit NUI, at
NUI’s expense, to visit and inspect, during normal business hours and upon reasonable prior written notice, ExlService Holdings’ properties, to examine its books of account and records and to discuss ExlService Holdings’ affairs,
finances and accounts with ExlService Holdings’ senior officers and directors. The rights of NUI or any Permissible Transferee (as defined in Section 7(h)) set forth in this Section 5(c) shall terminate upon the earlier of (A) a Public Offering
and (B) the date upon which NUI and its Permissible Transferees, if any, collectively cease to own greater than 50% of the Purchased Common Shares. Notwithstanding the foregoing sentence, after a Public Offering shall have occurred, ExlService
Holdings shall cooperate with any reasonable request by NUI for information with respect to ExlService Holdings and its subsidiaries that is in the public domain. 
  

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 (d) Confidentiality. NUI covenants and agrees that it shall not use, and shall
cause its Affiliates not to use, or disclose to any third party (except to its employees and advisors on a need to know basis, and except to any governmental agency, public authority or other regulatory body to which it is legally obligated to
disclose such information), any Confidential Information (as defined below) without the prior written consent of ExlService Holdings. For purposes of this Agreement, “Confidential Information” means all information, knowledge, systems or
data relating to the business, operations, finances, policies, strategies, intentions or inventions of ExlService Holdings or any of its subsidiaries (including, without limitation, any of the terms of this Agreement) from whatever source obtained,
whether provided pursuant to Section 5(c) of this Agreement or otherwise, except for any such information, knowledge, systems or data which at the time of disclosure was in the public domain. 
  
 (e) NUI Acknowledgement. NUI acknowledges and agrees
that ExlService Holdings has not made and does not make, and NUI has not relied upon, any representation or warranty, whether express or implied, of any kind or character except as expressly set forth in Section 3 hereof. Nothing in this Section
5(e) shall exclude or affect any right or remedy available to NUI in respect of fraud or any fraudulent misrepresentation or warranty by ExlService Holdings or its officers or employees. 
  
 (f) Subsequent Customer-Related Transactions. ExlService Holdings agrees that: 
  
 (i) until the earlier of (x) the later of (A) the second
anniversary of this Agreement and (B) the last day of any twelve (12) month period during which Aviva and its consolidated subsidiaries did not account for 20% or more of the gross revenues of ExlService Holdings on a consolidated basis, as
determined in good faith by ExlService Holdings and (y) a Liquidity Event, it will not issue or sell to any of its customers or clients, or any of the competitors of Aviva listed on Schedule 5(f) hereto (each an “Offeree”),
any equity securities (including Common Stock and Preferred Stock) of ExlService Holdings other than shares of Series A Common Stock of ExlService Holdings. 
  
 (ii) until a Liquidity Event, if ExlService Holdings grants to any Offeree “demand” registration rights in connection with a
sale or issuance contemplated by Section 5(f)(i) hereof, ExlService Holdings shall provide substantially identical “demand” registration rights to NUI, subject to the same terms and conditions as those granted to such Offeree. NUI and such
Offeree shall be subject to pro rata “cut backs” on public sales of such equity securities of ExlService Holdings. 
  
 (g) Rights Regarding Additional Equity Financing. ExlService Holdings agrees that until a Liquidity Event, NUI shall have the right
to purchase its Pro- Rata Share (as defined below) of (x) any issuance of Common Stock and (y) any issuance of Preferred Stock based on an equity valuation of ExlService Holdings below $237.5 million, in each case only if any such issuance is a
Financial Investor Issuance (as defined 

  

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below). For purposes of this Section 5(g), (i) a “Financial Investor Issuance” shall mean an issuance of Common Stock or Preferred Stock to a
financial investor that is a corporation, partnership, limited liability company or other entity that, as of the date of such issuance, is not and has not within the prior twenty-four months been a client, customer, competitor or Affiliate of
ExlService Holdings, the principal purpose of which is to supply capital to ExlService Holdings and which is not entered into with the principal purpose of providing ExlService Holdings with any strategic business advantage and (ii) “Pro Rata
Share” shall mean at any time, a fraction, the numerator of which is the number of shares of Common Stock then held by NUI or its Permissible Transferee (as defined in Section 7(h)) and the denominator of which is the aggregate number of shares
of Common Stock held by all of the stockholders and optionholders of ExlService Holdings on a fully-diluted basis. The mechanics for NUI’s exercise of its rights under this Section 5(g), including the provision of notice to NUI by ExlService
Holdings of any Financial Investor Issuance, the period of time that NUI has to elect to exercise any such rights and the waiver of any such rights by NUI, shall be consistent with the mechanics set forth in Section 3.10 of the Stockholders’
Agreement with respect to an exercise of Pre-Emptive Rights (as defined in the Stockholders’ Agreement). 
  
 6. Binding Effect; No Third-Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Nothing contained in the Agreement, express or implied, is intended to confer upon any person other than the parties hereto and their respective permitted assigns any rights or remedies of any nature
whatsoever. 
  
 7. Registration Rights. 
  
 (a) If ExlService Holdings or any successor thereto becomes
a company with equity securities listed on a national securities exchange or traded on the Nasdaq National Market pursuant to a Public Offering or otherwise, ExlService Holdings or such successor shall give NUI at least 20 days prior written notice
of the filing of any registration statement with respect to a Public Offering or otherwise (other than a registration relating to (i) the initial public offering of ExlService Holdings, (ii) a registration of an employee compensation plan or
arrangement adopted in the ordinary course of business on Form S-8 (or any successor form) or any dividend reinvestment plan, (iii) a registration of securities on Form S-4 (or any successor form) including, in connection with a proposed issuance in
exchange for securities or assets of, or in connection with a merger or consolidation with, another corporation or (iv) a registration of securities in connection with a rights offering) of equity securities of the class or classes issued to NUI,
and, subject to Section 7(c), if requested by NUI within 10 days of the giving of such notice, cause to be included in such registration statement all or such portion requested by NUI of such equity securities so issued to and owned by, NUI for
public sale by NUI. Such registration rights shall be subject to NUI entering into underwriting (if applicable), indemnification, and other customary agreements, and to ExlService Holdings’ (or such successor’s) right to defer (or require
NUI to suspend sales pursuant to) any such registration if it determines in good faith that such registration (or continued sales) would be adverse to ExlService Holdings’ (or such successor’s) interests (any such deferral or suspension
period, a “Suspension Period”); provided, however, that 

  

 11 

 
such Suspension Period shall only be applicable to NUI to the extent that substantially identical limitations are imposed and maintained on other
participants in such registration (other than ExlService Holdings). ExlService Holdings or any successor thereto shall keep any registration statement filed under this Section 7 effective until the earlier of the date all securities have been sold
under such registration statement or 90 days (increased by the number of days, if any, that sales under any such registration statement are suspended as provided above). ExlService Holdings or any successor thereto shall bear all costs and expenses
relating to such registration incurred by ExlService Holdings in connection with such registration, exclusive of any costs and expenses of NUI relating to underwriters’ commissions or discounts, brokerage fees, transfer taxes or fees or
expenses of any counsel, accountants or other representatives retained by NUI in connection with any such registration. 
  
 (b) In order to participate in a registration effected under this Section 7, to the extent not inconsistent with applicable law, NUI
agrees not to effect any public sale or distribution of any equity securities being registered or of any securities convertible into or exchangeable or exercisable for such equity securities, including a sale pursuant to Rule 144 under the
Securities Act, during the ten (10) business days prior to, and during the one hundred and eighty (180) day period beginning on, the effective date of such registration statement (except as part of such registration) if and to the extent requested
by an underwriter in the case of an underwritten public offering; provided, however, such limitation on sale shall only be applicable to NUI to the extent that substantially identical limitations are imposed and maintained on other participants in
such public offering (other than ExlService Holdings). 
  
 (c) If a registration pursuant to Section 7 hereof involves an underwritten offering and the managing underwriter shall advise ExlService Holdings that, in its opinion, the total amount or kind of securities which they, ExlService Holdings
and any other persons or entities intend to include in such offering is sufficiently large so as to have an adverse effect on the distribution or sales price of such securities, then ExlService Holdings shall include in such registration, (i) first,
the number of securities proposed to be included in such registration for the account of ExlService Holdings and/or any equity security holders of ExlService Holdings that have exercised either (x) demand registration rights or (y) a right to
participate in such demand rights registration exercised, in the case of this clause (y), by any equity security holder referred to in Section 5(a)(iv)(y) hereof or any Affiliate of any such equity security holder, in accordance with the priorities,
if any, then existing among ExlService Holdings and/or such equity security holders of ExlService Holdings with registration rights, and (ii) second, the securities requested to be included in such registration by all other equity security holders
of ExlService Holdings (including, without limitation, NUI) who have pre-existing piggy-back registration rights, pro rata among such other holders (including, without limitation, NUI) on the basis of the number of securities that each of them
requested to be included in such registration. 
  
 (d) ExlService Holdings agrees to indemnify and hold harmless NUI, its partners, directors, officers, affiliates, legal counsel and each Person who controls (within the meaning of Section 15 of the Securities Act) NUI from and against any
and 

  

 12 

 
all losses, claims, damages, liabilities and expenses (including reasonable costs of investigating, preparing, settling or defending such loss, claim,
damage, liability or action) (each, a “Liability” and collectively, “Liabilities”), arising out of or based upon any untrue, or allegedly untrue, statement of a material fact contained in any registration statement,
prospectus, preliminary prospectus or other document (including any related registration statement) used to effect any registration pursuant to this Section 7 (in each case, as amended or supplemented if ExlService Holdings shall have furnished any
amendments or supplements thereto) or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading under the circumstances
such statements were made, or any violation by ExlService Holdings of the Securities Act or any rule or regulation promulgated under the Securities Act applicable to ExlService Holdings in connection with any such registration except insofar as (i)
such Liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission contained in such registration statement, preliminary prospectus or final prospectus in reliance and in conformity with
information concerning NUI furnished in writing to ExlService Holdings by NUI expressly for use therein, including, without limitation, the information furnished to ExlService Holdings pursuant to Section 7(e), (ii) such untrue statement or alleged
untrue statement or omission or alleged omission was made in any registration statement, preliminary prospectus or final prospectus used after such time as ExlService Holdings advised NUI that the filing of a post-effective amendment or supplement
thereto was required, except the registration statement, preliminary prospectus or final prospectus as so amended or supplemented or (iii) such untrue statement or alleged untrue statement or omission or alleged omission was made in any registration
statement, preliminary prospectus or final prospectus used after such time as the obligation of ExlService Holdings hereunder to keep the registration statement effective and current has expired. It is agreed that the indemnity obligation set forth
in this Section 7(d) shall not apply to amounts paid in settlement of any such Liability if such settlement is effected without the consent of ExlService Holdings. 
  
 (e) In connection with any registration statement in which NUI is participating pursuant to this Section 7,
(i) NUI shall promptly furnish to ExlService Holdings in writing such information with respect to NUI as ExlService Holdings may reasonably request or as may be required by law for use in connection with any such registration statement or prospectus
and all information required to be disclosed in order to make the information previously furnished to ExlService Holdings by NUI not materially misleading or necessary to cause such registration statement not to omit a material fact with respect to
NUI necessary in order to make such statements therein not misleading, (ii) NUI agrees to indemnify and hold harmless ExlService Holdings, its legal counsel, any underwriter of the securities of ExlService Holdings covered by such registration
statement retained by ExlService Holdings and each Person who controls ExlService Holdings or such underwriter (within the meaning of Section 15 of the Securities Act) from and against any Liability arising out of or based upon any untrue, or
allegedly untrue, statement of a material fact contained in any registration statement, prospectus, preliminary prospectus or other document (including any related registration statement) used to effect any registration pursuant to this Section 7
(in each case, as amended or supplemented if ExlService Holdings shall have furnished any amendments 

  

 13 

 
or supplements thereto) or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading under the circumstances such statements were made, but only if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with information
with respect to NUI furnished in writing to ExlService Holdings by NUI expressly for use in such registration statement or prospectus, including, without limitation, the information furnished to ExlService Holdings pursuant to this Section 7(e);
provided, however, that the total amount to be indemnified by NUI pursuant to this Section 7(e) shall be limited to the net proceeds (after deducting the underwriters’ discounts and commissions) received by NUI in the offering to
which any such registration statement or prospectus relates. It is agreed that the indemnity obligation set forth in this Section 7(e) shall not apply to amounts paid in settlement of any such Liability if such settlement is effected without the
consent of NUI. 
  
 (f) If the indemnification
provided for in Sections 7(d) and (e) is held by a court of competent jurisdiction to be unavailable to a party entitled to indemnification (the “Indemnified Party”) under such section with respect to any claim, loss, damage,
liability or expense referred to therein, then the party required to provide indemnification (the “Indemnifying Party”), in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such claim, loss, damage, liability or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other in connection
with the statements or omissions that resulted in such claim, loss, damage, liability or expense, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact related to information is supplied by the Indemnifying Party or by the Indemnified Party and the
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. ExlService Holding and NUI agree that it would not be just and equitable if contribution pursuant to this Section 7(f)
were based upon any method of allocation which does not take account of the equitable considerations referred to above. In no event shall any contribution by NUI under this Section 7(f) exceed the gross proceeds received by NUI in such offering.

  
 (g) With a view to making available the
benefits of certain rules and regulations of the Securities and Exchange Commission (the “Commission”) which may at any time permit the sale of the Purchased Common Shares to the public without registration after such time, if any,
when a public market exists for the Common Stock of ExlService Holdings, ExlService Holdings agrees to: 
  
 (i) make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act
(“Rule 144”), at all times that ExlService Holdings is subject to the reporting requirements of the Securities Act or the Exchange Act; 
  

 14 

 (ii) file with the Commission in a timely manner all reports and other documents required
of ExlService Holdings under the Securities Act and the Exchange Act (at any time it is subject to such reporting requirements); and 
  
 (iii) so long as NUI owns any Purchased Common Shares that may not lawfully be disposed of without registration, qualification or legend,
to furnish to NUI forthwith upon request a written statement by ExlService Holdings as to its compliance with the reporting requirements of Rule 144 and of any other reporting requirements of the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of ExlService Holdings, and such other reports and documents of ExlService Holdings and any other information in the possession of or
reasonably obtainable by ExlService Holdings as NUI may reasonably request in availing itself of any rule or regulation of the Commission allowing it to sell any such securities without registration. 
  
 (h) The rights and obligations of NUI under this Section 7
may be assigned by NUI only to (i) a transferee or assignee of not less than all of the Purchased Common Shares (as appropriately adjusted for stock splits and the like), provided that such transfer is permitted under and is consummated in
compliance with the terms of the Stockholders’ Agreement; (ii) any Affiliate that is wholly-owned by Aviva; or (iii) any transferee of any portion of the Purchased Common Shares that received such shares in a transaction approved in writing by
ExlService Holdings (in each case, a “Permissible Transferee”). 
  
 (i) The rights and obligations of ExlService Holdings and NUI under this Section 7 shall terminate when (i) a registration statement with
respect to the sale of the Purchased Common Shares shall have become effective under the Securities Act and the Purchased Common Shares shall have been disposed of in accordance with such registration statement, except that the obligations of
ExlService Holding and NUI under Sections 7(d) through (f) shall survive the completion of any offering of the Purchased Common Shares in a registration statement, (ii) the Purchased Common Shares may be sold in a single sale, in the opinion of
counsel satisfactory to ExlService Holdings and NUI, each in their reasonable judgment, without any limitation as to volume pursuant to Rule 144 (or any successor provision then in effect) under the Securities Act, (iii) the Purchased Common Shares
shall have been otherwise transferred, new certificates for the Purchased Common Shares not bearing a legend restricting further transfer shall have been delivered by ExlService Holdings and subsequent public distribution of the Purchased Common
Shares shall not require registration of such distribution under the Securities Act or (iv) the Purchased Common Shares shall have ceased to be outstanding. 
  
 (j) In order to ensure an orderly disposition by NUI of its Purchased Common Shares following any lock-up period applicable to ExlService
Holdings’ shareholders in connection with a Public Offering, NUI hereby acknowledges and agrees that if it desires to sell all or any portion of its Purchased Common Shares publicly (other 

  

 15 

 
than in a registered offering) or to distribute such Purchased Common Shares in a manner that is likely to result in sales into the public market: (i) it
shall be required to give five days’ prior written notice of such intention to ExlService Holdings; (ii) after the expiration of such five day period it shall be permitted to effect such sales only through a single broker or market maker
mutually agreed upon by NUI and ExlService Holdings, and (iii) it shall be permitted to sell no more than twenty-five percent (25%) of its Purchased Common Shares during each successive calendar quarter period following such lock-up period.

  
 (k) Submission to Jurisdiction, Selection of
Forum. Each party hereto irrevocably and unconditionally consents and submits to the jurisdiction of the state courts of the State of New York, New York county and of the United States District Court located in the State of New York, New York county
for any actions, suits or proceedings arising out of or relating to the Agreement and the transactions contemplated hereby, and further agrees that service of any process, summons, notice or document by U.S. registered or certified mail to
ExlService Holdings, Inc. at 350 Park Avenue, 10th Floor, New York, NY 10022, Attention: Rohit Kapoor, or to NUI at
8 Surrey Street, Norwich NR1 3NG, United Kingdom, Attention: Patrick Snowball, shall be effective service of process for any action, suit or proceeding brought against such party in any such court. Each party hereto irrevocably and unconditionally
waives any objection to the laying of venue of any action, suit, or proceeding arising out of the Agreement or the transactions contemplated hereby, in the courts of the State of New York located in New York county or of the United States of America
located in the State of New York located in New York county, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum. 
  
 8. Governing Law. The
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 principles 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. 
  
 9. Survival. The representations, warranties, covenants and agreements made herein shall survive the closing of the transactions contemplated hereby. 
  
 10. Successors and Assigns. Except as otherwise provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto; provided, however, that the rights of NUI to purchase the Purchased Common Shares shall
not be assignable without the consent of ExlService Holdings. NUI’s rights under Section 5 hereunder are not assignable other than to a Permissible Transferee. All rights of NUI (or any Affiliate of NUI that is a Permissible Transferee) shall
terminate if it ceases to be wholly-owned by Aviva, unless otherwise approved in writing by ExlService Holdings. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or 

  

 16 

 
liabilities under or by reason of this Agreement, except as expressly provided by this Agreement. 
  
 11. Delays or Omissions. No delay or omission to exercise any right,
power or remedy accruing to any party upon any breach or default of the other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach or default or an acquiescence therein,
or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval of
any kind or character on the part of either party of any breach or default under this Agreement, or any waiver on the part of either party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the
extent specifically set forth in such writing or as provided in this Agreement. All remedies, either under this Agreement or by law or otherwise afforded to either party, shall be cumulative and not alternative. 
  
 12. Notices. All notices and other communications hereunder shall be
in writing and shall be deemed given if (a) delivered personally, or (b) if sent by overnight courier service (receipt confirmed in writing), or (c) if delivered by facsimile transmission (with receipt confirmed), or (d) five days after being mailed
by registered or certified mail (return receipt requested) to the parties in each case to the following addresses (or at such other address for a party as shall be specified by like notice): 
  
 If to NUI, to: 
  
 NUI Investments Limited 
 8 Surrey Street, Norwich NR1 3NG 
 United
Kingdom 
 Facsimile: + 44 1603 682087 
 Attention: Mr. Patrick Snowball 
  
 with
a copy to: 
  
 Latham & Watkins 
 99 Bishopsgate, Eleventh Floor 
 London EC2M
3XF 
 United Kingdom 
 Facsimile:
+ 44 20 7374 4460 
 Attention: Martin Saywell, Esq. 
  

If to ExlService Holdings, to: 
  
 ExlService Holdings, Inc. 
 350 Park Avenue,
10th Floor 
 New York, NY 10022 
 Facsimile: (212) 872-1415 
 Attention: Mr. Rohit Kapoor, President 
  

 17 

 with a copy to: 
  
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, NY
10019-6064 
 Fax: (212)757-3990 
 Attention: Kenneth M. Schneider, Esq. 
  
 13.
Modifications; Entire Agreement. No change, modification or waiver of any provision of the Agreement shall be valid unless the same be in writing and signed by the parties here. The Agreement and the Joinder Agreement contain the entire
agreement between the parties hereto with respect to the subject transactions contemplated hereby and supersede any and all prior oral and written agreements and memoranda and undertakings between the parties hereto with regard to the subject matter
hereof. 
  
 14. 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 the Agreement. 
  

15. Signature in Counterparts. The 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. 
  

 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly
authorized officers as of the date first above written. 
  

			
	 EXLSERVICE HOLDINGS, INC.

		
	 By:
	 	 /s/

	 	 	 Name:

	 	 	 Title:

	
	 NUI INVESTMENTS LIMITED

		
	 By:
	 	 /s/ Patrick Snowball

	 	 	 Name: Patrick Snowball

	 	 	 Title: Director

  
 Solely with respect to their
acknowledgement of Section 5(a): 
  

			
	 OAK HILL CAPITAL PARTNERS, L.P.

		
	 By:
	 	 OHCP GenPar, L.P.,

	 	 	 its general partner

		
	 By:
	 	 OHCP MGP, LLC,

	 	 	 its general partner

		
	 By:
	 	 /s/

	 	 	 Name:

	 	 	 Title:

  

			
	OAK HILL CAPITAL MANAGEMENT PARTNERS, L.P.
		
	 By:
	 	 OHCP GenPar, L.P.,

	 	 	 its general partner

		
	 By:
	 	 OHCP MGP, LLC,

	 	 	 its general partner

		
	 By:
	 	 /s/

	 	 	 Name:

	 	 	 Title:

	
	FINANCIAL TECHNOLOGY VENTURES, L.P.
		
	 By:
	 	 Financial Technology Management, LLC

		
	 By:
	 	/s/
	 	 	 Name:

	 	 	 Title:

	
	FINANCIAL TECHNOLOGY VENTURES (Q), L.P.
		
	 By:
	 	 Financial Technology Management, LLC

		
	 By:
	 	/s/
	 	 	 Name:

	 	 	 Title:

	
	FINANCIAL TECHNOLOGY VENTURES II, L.P.
		
	 By:
	 	 Financial Technology Management II, LLC

		
	 By:
	 	/s/
	 	 	 Name:

	 	 	 Title:

  

			
	 FINANCIAL TECHNOLOGY VENTURES II
 (Q),
L.P.

		
	 By:
	 	 Financial Technology Management II, LLC

		
	 By:
	 	 /s/

	 	 	 Name:

	 	 	 Title:

  

	
	
	 /s/ Vikram Talwar

	 Vikram Talwar

  

	
	
	 /s/ Rohit Kapoor

	 Rohit KapoorStock Purchase Agreement, dated as of November 14, 2002

 EXECUTION COPY 
  
 Exhibit 10.23 
  
 STOCK PURCHASE AGREEMENT 
  
 by and between 
  
 OAK HILL CAPITAL PARTNERS, L.P., 
 FINANCIAL TECHNOLOGY VENTURES (Q), L.P. 
 OAK HILL CAPITAL MANAGEMENT PARTNERS, L.P. 
 EXLSERVICE HOLDINGS, INC. 
 and 
 CONSECO INC. 
  

  
 for the purchase of 
  
 the outstanding 
  
 capital stock of ExlService.com, Inc. 
  

  
 November 14, 2002 
  

  

  
 TABLE OF CONTENTS

  

							
	 	  	 	  	 	  	Page

	 1.
	  	 Sale, Purchase and Issuance of Shares
	  	1
	 	  	 1.1
	  	 Sale and Purchase of Shares
	  	1
	 	  	 1.2
	  	 Payment of Purchase Price
	  	1
	 	  	 1.3
	  	 Delivery of Shares
	  	1
	 	  	 1.4
	  	 Documents Delivered in Connection with the Contemplated Transactions
	  	1
			
	 2.
	  	 Closing; Closing Date
	  	1
			
	 3.
	  	 Representations and Warranties of Conseco as to Conseco, Exl and Exl (India)
	  	2
	 	  	 3.1
	  	 Due Incorporation and Authority
	  	2
	 	  	 3.2
	  	 Subsidiaries and Other Affiliates
	  	2
	 	  	 3.3
	  	 Qualification
	  	2
	 	  	 3.4
	  	 Outstanding Capital Stock; Title
	  	2
	 	  	 3.5
	  	 Options or Other Rights
	  	3
	 	  	 3.6
	  	 Charter Documents and Corporate Records
	  	3
	 	  	 3.7
	  	 Financial Statements
	  	3
	 	  	 3.8
	  	 Taxes
	  	4
	 	  	 3.9
	  	 Compliance with Laws
	  	6
	 	  	 3.10
	  	 Permits
	  	7
	 	  	 3.11
	  	 No Breach
	  	7
	 	  	 3.12
	  	 Claims and Proceedings
	  	8
	 	  	 3.13
	  	 Contracts
	  	8
	 	  	 3.14
	  	 Real Estate
	  	9
	 	  	 3.15
	  	 Tangible Property
	  	10
	 	  	 3.16
	  	 Intellectual Property
	  	10
	 	  	 3.17
	  	 Title to Properties
	  	12
	 	  	 3.18
	  	 Liabilities
	  	12
	 	  	 3.19
	  	 Cash
	  	13
	 	  	 3.20
	  	 Customers
	  	13
	 	  	 3.21
	  	 Employee Benefit Plans
	  	14
	 	  	 3.22
	  	 Employee Relations
	  	17
	 	  	 3.23
	  	 Insurance
	  	18
	 	  	 3.24
	  	 Officers, Directors and Employees
	  	19
	 	  	 3.25
	  	 Operations of Exl and Exl (India)
	  	19
	 	  	 3.26
	  	 Potential Conflicts of Interest
	  	20
	 	  	 3.27
	  	 Revenue Advances
	  	21
	 	  	 3.28
	  	 Conseco Customer Payments
	  	21
	 	  	 3.29
	  	 Full Disclosure
	  	21
	 	  	 3.30
	  	 Report
	  	21
	 	  	 3.31
	  	 Legal Opinion
	  	21
	 	  	 3.32
	  	 Wind-Down Costs
	  	22

  

 i 

							
	 	  	 	  	 	  	Page

	 4.
	  	 Representations and Warranties of ExlService Holdings
	  	22
	 	  	 4.1
	  	 Due Incorporation and Authority
	  	22
	 	  	 4.2
	  	 Authority to Execute and Perform Agreement
	  	22
			
	 5.
	  	 Covenants and Agreements
	  	23
	 	  	 5.1
	  	 Publicity
	  	23
	 	  	 5.2
	  	 Expenses
	  	23
	 	  	 5.3
	  	 Indemnification of Brokerage
	  	23
	 	  	 5.4
	  	 Related Parties
	  	24
	 	  	 5.5
	  	 Required Consents
	  	24
	 	  	 5.6
	  	 Tax Return Filing
	  	24
	 	  	 5.7
	  	 Tax Audits and Other Proceedings
	  	25
	 	  	 5.8
	  	 Revenue Advances
	  	26
	 	  	 5.9
	  	 Post-Closing Investment
	  	26
	 	  	 5.10
	  	 Conseco Customer Payments
	  	26
	 	  	 5.11
	  	 Management Incentive Plan
	  	26
	 	  	 5.12
	  	 Trademark Assignment
	  	26
	 	  	 5.13
	  	 License Agreements
	  	26
	 	  	 5.14
	  	 Acknowledgement
	  	27
	 	  	 5.15
	  	 Further Assurances
	  	27
			
	 6.
	  	 Non-Competition
	  	27
	 	  	 6.1
	  	 Covenants Against Competition
	  	27
	 	  	 6.2
	  	 Rights and Remedies Upon Breach
	  	29
	 	  	 6.3
	  	 Severability of Covenants
	  	29
	 	  	 6.4
	  	 Blue-Penciling
	  	30
	 	  	 6.5
	  	 Enforceability in Jurisdictions
	  	30
	 	  	 6.6
	  	 Early Termination
	  	30
			
	 7.
	  	 Survival of Representations and Warranties of Conseco After Closing
	  	30
			
	 8.
	  	 General Indemnification
	  	31
	 	  	 8.1
	  	 Obligation of Conseco to Indemnify
	  	31
	 	  	 8.2
	  	 Tax Treatment
	  	31
	 	  	 8.3
	  	 Notice and Opportunity to Defend
	  	31
	 	  	 8.4
	  	 Scope of Indemnification
	  	33
			
	 9.
	  	 Miscellaneous
	  	33
	 	  	 9.1
	  	 Certain Definitions
	  	33
	 	  	 9.2
	  	 Notices
	  	37
	 	  	 9.3
	  	 Entire Agreement
	  	39
	 	  	 9.4
	  	 Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies
	  	39
	 	  	 9.5
	  	 Consent to Jurisdiction and Service of Process
	  	39
	 	  	 9.6
	  	 Governing Law
	  	40

  

 ii 

							
	 	  	 	  	 	  	Page

	 	  	 9.7
	  	 Binding Effect; Assignment
	  	40
	 	  	 9.8
	  	 Usage
	  	40
	 	  	 9.9
	  	 Counterparts
	  	40
	 	  	 9.10
	  	 Exhibits and Schedules
	  	40
	 	  	 9.11
	  	 Headings
	  	40
	 	  	 9.12
	  	 Severability of Provisions
	  	41
	 	  	 9.13
	  	 No Third Party Beneficiaries
	  	41

  

 iii 

  
 Schedules 
  

			
	 3.3
	  	 Qualification

	 3.4
	  	 Outstanding Capital Stock; Title

	 3.6
	  	 Charter Documents and Corporate Records

	 3.7(a)
	  	 Financial Statements

	 3.7(b)
	  	 Accounts and Notes Receivable

	 3.8(c)
	  	 Tax — Extensions

	 3.8(d)
	  	 Tax — Statutes of Limitations/Audits/Unassessed Deficiencies

	 3.8(e)
	  	 Tax — Status of Federal Audits

	 3.8(f)
	  	 Tax — Status of State, County, Local and Foreign Audits

	 3.8(g)
	  	 Tax — 481(a) Adjustments

	 3.8(j)
	  	 Tax Sharing Agreement

	 3.8(r)
	  	 Tax Holiday

	 3.9
	  	 Compliance with Laws

	 3.10
	  	 Permits

	 3.11
	  	 Required Consents

	 3.12
	  	 Claims and Proceedings

	 3.13(a)
	  	 Contracts

	 3.13(b)
	  	 Customer Contracts

	 3.14(b)
	  	 Leased Properties

	 3.14(c)
	  	 Rights to Leased Properties

	 3.15
	  	 Tangible Property

	 3.16
	  	 Intellectual Property

	 3.16(h)
	  	 Excluded Works or Inventions

	 3.17
	  	 Title to Properties

	 3.18
	  	 Liabilities

	 3.20(a)
	  	 Material Customers

	 3.20(b)
	  	 Customer Complaints

	 3.21(a)
	  	 Benefit Plans

	 3.21(b)
	  	 Prior Pension Plans

	 3.21(c)
	  	 Benefit Plans — Liabilities

	 3.22(a)
	  	 Employee Relations

	 3.22(b)
	  	 Laws Relating to Employees

	 3.23
	  	 Insurance

	 3.24
	  	 Officers, Directors and Employees

	 3.25
	  	 Operations of Exl and Exl (India)

	 3.26(b)
	  	 Potential Conflicts of Interest

	 3.27
	  	 Revenue Advances

	 3.30
	  	 Report from Lazard Frères

	 5.9
	  	 Post-Closing Investment

  

 iv 

  
 Exhibit

  

			
	 A
	  	 Documents Delivered in Connection with the Contemplated Transactions

	 1
	  	 Trademark Assignment

	 2
	  	 Conseco Services License Agreement

	 3
	  	 Exl License Agreement

	 4
	  	 Conseco Trademark License Agreement

  

 v 

  
 STOCK PURCHASE AGREEMENT

  
 STOCK PURCHASE AGREEMENT (this
“Agreement”), dated as of November 14, 2002 by and among OAK HILL CAPITAL PARTNERS, L.P., a Delaware limited partnership, OAK HILL CAPITAL MANAGEMENT PARTNERS, L.P., a Delaware limited partnership (together, “Oak
Hill”), FINANCIAL TECHNOLOGY VENTURES (Q), L.P., a Delaware limited partnership, and certain of its affiliates which are signatories hereto (collectively, “FT Ventures”) (Oak Hill and FT Ventures shall be collectively
referred to herein as the “Outside Investors”), EXLSERVICE HOLDINGS, INC., a Delaware corporation (“ExlService Holdings”), and CONSECO INC., an Indiana corporation (“Conseco”), providing for the
purchase and sale of all of the outstanding capital stock of ExlService.com, Inc., a Delaware corporation (“Exl”). 
  
 Conseco is the beneficial and record owner of all of the issued and outstanding shares of capital stock of Exl (the “Shares”). Conseco
wishes to sell and ExlService Holdings wishes to purchase from Conseco, all of the Shares upon the terms and subject to the conditions of this Agreement. 
  
 Certain terms used in this Agreement are defined in Section 9.1. 
  

Accordingly, the parties agree as follows: 
  
 1. Sale, Purchase and Issuance of Shares. 
  
 1.1 Sale and Purchase of Shares. At the closing provided for in Article 2 (the “Closing”) and upon the terms and
subject to the conditions of this Agreement, and in reliance upon the representations, warranties and agreements of Conseco, ExlService Holdings shall purchase all of the Shares for the Purchase Price, payable as provided in Section 1.2. 

 
 1.2 Payment of Purchase Price. The purchase price
for the Shares shall be $1.00 (the “Purchase Price”). At the Closing, ExlService Holdings shall deliver the Purchase Price. 
  
 1.3 Delivery of Shares. At the Closing, Conseco shall deliver the Shares. 
  
 1.4 Documents Delivered in Connection with the
Contemplated Transactions. The documents and agreements set forth on Exhibit A shall be executed and/or delivered on or prior to the Closing Date. 
  
 2. Closing; Closing Date. The Closing of the sale and purchase of the Shares contemplated hereby shall take place at the offices of Paul,
Weiss, Rifkind, Wharton & Garrison, 1285 Avenue of Americas, New York, New York 10019-6064, at 10:00 a.m. on November 14, 2002, or such other time or date as the parties may mutually agree in writing. The time and date upon which the Closing
occurs is herein called the “Closing Date.” 
  

 3. Representations and Warranties of Conseco as to Conseco, Exl and Exl (India). Conseco
represents and warrants to ExlService Holdings and the Outside Investors as follows: 
  
 3.1 Due Incorporation and Authority. Conseco is a corporation duly organized and validly existing under the laws of Indiana.
Exl is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and lawful authority to own, lease and operate its properties and to carry on its business as
now being and heretofore conducted. ExlService.com (India) Private Limited, an Indian limited company (“Exl (India)”) is a limited company duly organized and validly existing under the laws of the Republic of India and has all
requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being and heretofore conducted. Conseco has the right, power and authority and approvals required to execute and deliver this
Agreement and to perform fully its obligations hereunder. This Agreement has been duly executed and delivered by Conseco and is a valid and binding obligation of Conseco enforceable in accordance with its terms. 
  
 3.2 Subsidiaries and Other Affiliates. Neither Exl
nor Exl (India) directly or indirectly owns or has the power to vote shares of any capital stock or other ownership interests having voting power to elect a majority of the directors of any corporation or other entity, or other persons performing
similar functions for such entity, as the case may be. Neither Exl, nor Exl (India), owns directly or indirectly any interest in any other person and no affiliate of Exl, Exl (India) or Conseco is engaged in the Company Business. 
  
 3.3 Qualification. Exl and Exl (India) are
duly qualified or otherwise authorized to transact business and are in good standing in each jurisdiction in which the failure to so qualify or be authorized could have a material adverse effect on the properties, business, results of operations or
financial condition of Exl and Exl (India) (the “Condition of the Companies”). Exl and Exl (India) do not own or lease real property in any jurisdiction other than their respective jurisdictions of organization and the jurisdictions
set forth on Schedule 3.3. 
  
 3.4
Outstanding Capital Stock; Title. Exl is authorized to issue 100 shares of common stock, $0.01 par value per share, of which 100 shares are issued and outstanding. No other class of capital stock or other ownership interests of Exl is
authorized or outstanding. The Exl Shares have been duly authorized and issued by Exl and are fully paid and are non–assessable. Conseco owns beneficially and of record, free and clear of any Lien, and has full power and authority to convey
free and clear of any Lien, all of the Shares, and upon delivery of and payment for the Shares, Conseco will convey to ExlService Holdings good and valid title thereto, free and clear of any Lien. The authorized share capital of Exl (India) is
89,000,000 equity shares of Rupees 10 par value per equity share and of which 88,663,150 equity shares are issued and fully paid up. The Exl (India) Shares have been duly authorized by all necessary corporate actions under Indian law and have been
validly issued. The Exl (India) Shares have been duly 

  

 2 

 
authorized and issued by Exl (India) and are fully paid and nonassessable. Except as set forth on Schedule 3.4, Exl owns beneficially and of record,
free and clear of any Lien, all of such issued and fully paid up equity share capital of Exl (India). No other class of capital stock or other ownership interests of Exl (India) is authorized or issued and fully paid up. 
  
 3.5 Options or Other Rights. There is no
outstanding right, subscription, warrant, call, unsatisfied preemptive right, option or other agreement of any kind to purchase or otherwise to receive from any of Exl, Exl (India) or Conseco any of the outstanding, authorized but unissued,
unauthorized or treasury shares of the capital stock or any other security of Exl or Exl (India), and there is no outstanding security of any kind of Conseco, Exl or Exl (India) convertible into any such capital stock. 
  
 3.6 Charter Documents and Corporate Records.
Conseco has heretofore delivered to the Outside Investors true and complete copies of the certificate of incorporation (certified by the Secretary of State of Delaware in the case of Exl and in the case of Exl (India) by the secretary or
director of Exl (India) so authorized), the by-laws (certified by Exl’s secretary or an assistant secretary) and the memorandum and articles of association (certified by Exl (India)’s secretary or director), or comparable instruments, of
Exl and Exl (India) as in effect on the date hereof. The minute books, or comparable records, of Exl and Exl (India) heretofore have been made available to the Outside Investors for their inspection and except as set forth on Schedule 3.6,
contain true and complete records of all meetings and consents in lieu of meeting of the Board of Directors, or equivalent body (and any committee thereof), and stockholders of Exl and Exl (India) since the time of each of Exl’s and Exl
(India)’s organization and accurately reflect all transactions referred to in such minutes and consents in lieu of meeting. The stock books, or comparable records, of Exl and Exl (India) heretofore have been made available to the Outside
Investors for their inspection and are true and complete. 
  
 3.7 Financial Statements. 
  
 (a) The consolidated balance sheet of Exl as of December 31, 2001 and the related statements of income, shareholders’ equity and changes in financial position for the years then ended, including the footnotes
thereto, audited by Arthur Andersen LLP, independent certified public accountants, fairly present in all material respects the consolidated financial position of Exl as at such dates and the consolidated results of operations of Exl for such
respective periods in accordance with United States GAAP applied on a consistent basis for the periods covered thereby. (The financial statements of Exl as of December 31, 2001 and for the year then ended are sometimes herein called the
“Financial Statements.” The balance sheet included in the Financial Statements are sometimes herein called the “Balance Sheet” and December 31, 2001 is sometimes herein called the “Balance Sheet
Date.”) The financial statements referred to above are attached hereto as Schedule 3.7(a). 
  
 (b) All accounts and notes receivable reflected on the Balance Sheet, and all accounts and notes receivable arising subsequent to the
Balance Sheet Date, (i) have arisen in the ordinary course of business of Exl and Exl (India) and 

  

 3 

 
(ii) subject only to a reserve for bad debts computed in a manner consistent with past practice and reasonably estimated to reflect the probable results of
collection, have been collected or are, except as set forth on Schedule 3.7(b), collectible in the ordinary course of business of Exl and Exl (India) in the aggregate recorded amounts thereof in accordance with their terms, except for
accounts and notes receivable reflected on the Balance Sheet or arising subsequent to the Balance Sheet Date that have been written-off. 
  
 (c) The interim financial statements of Exl and Exl (India) for any periods after the Balance Sheet that have been provided to Oak Hill
have been prepared on a basis consistent with past practice. 
  
 3.8 Taxes. 
  
 (a) All Federal, state, county, local, foreign and other taxes (including, without limitation, income, profits, branch profits, premium, estimated, excise, sales, use, occupancy, gross receipts, franchise, ad valorem, severance, capital
levy, production, transfer, withholding, employment, unemployment compensation, payroll related, value added, inventory, social security, stamp and property taxes, import duties and other governmental charges, assessments, and charges of any kind
whatsoever), whether or not measured in whole or in part by net income, and including deficiencies, interest, additions to tax or interest, and penalties with respect thereto, and including expenses associated with contesting any proposed adjustment
related to any of the foregoing (collectively, “Taxes”) due or claimed to be due on or before the date hereof from or with respect to Exl and Exl (India) have been timely paid. Except for charges, accruals and reserves on the books
of Exl (India) with regard to Taxes, there will be no liability for Taxes (including without limitation Taxes imposed by reason of (1) an obligation under a Tax Sharing Agreement, or (2) membership in an affiliated group of corporations under
Section 1504(a) of the Code or any comparable provision of state, local or foreign law) with respect to Exl or Exl (India) for any taxable period (or portion thereof) ending on or prior to the Closing Date. 
  
 (b) All returns, reports, declarations, statements and other
information required to be filed by or with respect to Exl and Exl (India) with respect to any Tax (all such returns and other reports, “Tax Returns”) on or before the date hereof have been timely filed and all such Tax Returns are
true, correct and complete in all material respects. The charges, accruals and reserves on the books of Exl and Exl (India) in respect of any liability for Taxes based on or measured by net income for any years not finally determined or with respect
to which the applicable statute of limitations has not expired are adequate to satisfy any assessment for such Taxes for such years. No taxing authority has asserted any Tax deficiency, lien, or other assessment against either Exl or Exl (India)
which has not been paid. 
  
 (c) Except as
provided on Schedule 3.8(c), there are no outstanding agreements extending or waiving the statutory period of limitations applicable to any claim for, or the period for the collection or assessment or reassessment of, Taxes due from or with
respect to Exl or Exl (India) for any taxable period and no request for any such waiver or extension is currently pending. 
  

 4 

 (d) With respect to all Taxes of Exl and Exl (India) and except as set forth on
Schedule 3.8(d), (i) the statute of limitations for the assessment of Taxes has expired with respect to all periods ending on or before December 31, 1998; (ii) no audit or other proceeding by any court, governmental or regulatory authority or
similar authority is pending or threatened; and (iii) there is no unassessed deficiency proposed or threatened against the Company. 
  
 (e) Schedule 3.8(e) sets forth the status of Federal Tax audits of the Taxes of Exl and/or the income tax assessment of Exl (India)
for each fiscal year for which the statute of limitations has not expired, including the amounts of any deficiencies and additions to Tax, interest and penalties indicated on any notices of proposed deficiency or statutory notices of deficiency, and
the amounts of any payments made by Exl and/or Exl (India), as the case may be, with respect thereto. Each Tax Return filed by or with respect to Exl and Exl (India) for which the Federal Tax audit or the income tax assessment has not been completed
accurately reflects the amount of liability for Taxes thereunder and makes all disclosures required by the Internal Revenue Code of 1986, as amended (the “Code”) and regulations thereunder, under the Income Tax Act, 1961 and other
applicable provisions of Law. 
  
 (f) Schedule
3.8(f) sets forth the status of state, county, local and foreign Tax audits of the Taxes of Exl and income tax assessment of Exl (India) for each fiscal year for which the statute of limitations has not expired, including the amounts of any
deficiencies or additions to Tax, interest and penalties that have been made or proposed, and the amounts of any payments made by Exl and Exl (India) with respect thereto. Each state, county, local and foreign Tax Return filed by or with respect to
Exl and Exl (India) for which the state, county, local or foreign Tax audit or income tax assessment has not been completed accurately reflects the amount of its liability for Taxes thereunder and makes all disclosures required by applicable
provisions of Law. 
  
 (g) Except as set forth on
Schedule 3.8(g), neither Exl nor Exl (India) has agreed to or is required to make any adjustments under section 481(a) of the Code by reason of a change in accounting method or otherwise. 
  
 (h) Exl has not at any time consented under Section
341(f)(1) of the Code to have the provisions of Section 341(f)(2) of the Code apply to any sale of its capital stock. 
  
 (i) The liability for Taxes of Exl and Exl (India) as of the Balance Sheet Date will not exceed the accrual for Taxes on the Balance Sheet
except as such liability may change in the ordinary course of business, and the liability of the Company for Taxes has not increased since the Balance Sheet Date, except as such liability may increase in the ordinary course of business and except as
a result of those Taxes that have occurred as a result of the transactions contemplated hereby. 
  
 (j) Except as set forth on Schedule 3.8(j), neither Exl nor Exl (India) is a party to or is bound by, or has any obligation under
any Tax sharing, 

  

 5 

 
indemnification allocation or similar agreement, contract or arrangement (“Tax Sharing Agreement”). 
  
 (k) There are no Liens for Taxes on the assets of Exl and/or
Exl (India) except for Liens for current Taxes not yet due. 
  
 (l) Exl and Exl (India) have each withheld from their respective employees, independent contractors, creditors, stockholders and third parties and timely paid to the appropriate taxing authority proper and accurate
amounts in all material respects in compliance with all Tax withholding and remitting provisions of applicable laws and have each complied in all material respects with all Tax information reporting provisions of all applicable laws. 
  
 (m) No closing agreement that could affect the Taxes of Exl
or Exl (India) has been entered into by or with respect to Exl or Exl (India), as the case may be. 
  
 (n) No stamp, transfer, documentary, sales, use, registration and other such Taxes and fees (including, without limitation, any penalties
and interest) incurred in connection with this Agreement and the transactions contemplated by this Agreement (the “Contemplated Transactions”) will be due and payable in connection with this Agreement and the Contemplated
Transactions. 
  
 (o) Neither Exl nor Exl (India)
has been a member of an affiliated group of corporations under Section 1504(a) or any comparable provision of state, local or foreign law (except, in the case of Exl, for the affiliated group of which Conseco is the common parent). 
  
 (p) Exl has not been a United States real property holding
corporation within the meaning of Section 897(c)(2) of the Code during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code. 
  
 (q) Exl (India) has never been (i) a “passive foreign investment company,” (ii) a “foreign personal holding company,”
(iii) a “foreign sales corporation,” or (iv) a “foreign investment company,” each within the meaning of the Code. 
  
 (r) Except as set forth in Schedule 3.8(r), as of the time immediately prior to Closing, Exl (India) is currently enjoying a tax holiday
under section 10B of the Indian Income Tax Act, 1961 for the units set up as 100% export oriented units. 
  
 3.9 Compliance with Laws. Except as set forth on Schedule 3.9, neither Exl nor Exl (India) has conducted its business
in violation of any applicable order, judgment, injunction, award, decree or writ (collectively, “Orders”), or any applicable law, statute, code, ordinance, regulation or other requirement, including, without limitation, the Illegal
Immigration Reform and Immigrant Responsibility Act of 1996, as amended, of the United States, and the regulations promulgated thereunder, or 

  

 6 

 
the Foreign Exchange Management Act, 1999, the Industrial and Foreign Investment Policies of India, and the regulations issued thereunder, or regulations for
Call Centers, issued by the Department of Telecommunications or Indian laws, as may be applicable to either or both of Exl and Exl (India) (collectively, “Laws”) of any government or political subdivision thereof, whether Federal,
state, local or foreign, or any agency or instrumentality of any such government or political subdivision, or any insurance company or fire rating and any other similar board or organization or other non-governmental regulating body (to the extent
that the rules, regulations or orders of such body have the force of law) or any court or arbitrator (collectively, “Governmental Bodies”), except for such violations as have not resulted, and would not reasonably be expected to
result in, a material penalty, fine or liability and neither Conseco, Exl nor Exl (India) has received written notice that any such violation is being or may be alleged. Neither Exl nor Exl (India) has made any illegal payment to officers or
employees of any Governmental Body, or made any illegal payment to customers for the sharing of fees or to customers or suppliers for rebating of charges, or engaged in any other illegal reciprocal practice, or made any illegal payment or given any
other illegal consideration to purchasing agents or other representatives of customers in respect of sales made or to be made by Exl or Exl (India). 
  
 3.10 Permits. Exl and Exl (India) have all licenses, permits, exemptions, consents, waivers, authorizations, rights,
certificates of occupancy, franchises, orders or approvals of, and have made all required registrations with, any Governmental Body relating to the conduct of the business of, or the current use of any properties of, Exl and Exl (India), the failure
of which to obtain or make would result in a material penalty, fine or liability (collectively, “Permits”). To the knowledge of Conseco, each Employee has all Permits required for the conduct of the business conducted by such
Employee for Exl or Exl (India). All Permits are listed on Schedule 3.10 and are in full force and effect; no material violations are or have been recorded in respect of any Permit; and no proceeding is pending or threatened to revoke or
limit any Permit. Except as listed on Schedule 3.10 the Permits will remain in full force and effect immediately following the consummation of the Contemplated Transactions. 
  
 3.11 No Breach. The execution and delivery by Conseco of this Agreement and each and every
other agreement and instrument contemplated hereby, the consummation of the transactions contemplated hereby and thereby and the performance by Conseco, Exl and Exl (India) of this Agreement and each such other agreement and instrument in accordance
with their respective terms and conditions will not (a) violate any provision of the certificate of incorporation, by-laws or memorandum and articles of association (or comparable instruments) of Conseco, Exl or Exl (India); (b) require Conseco, Exl
or Exl (India) to obtain any consent, approval, authorization or action of, or make any filing with or give any notice to, any Governmental Body or any other person, except as set forth on Schedule 3.11 (collectively, the “Required
Consents”); (c) if the Required Consents are obtained, violate, conflict with or result in the breach of any of the terms and conditions of, result in a material modification of the effect of, otherwise cause the termination of or give any
other contracting party the right to terminate, or constitute (or with notice or lapse of time or both constitute) a default under, any material contract, 

  

 7 

 
agreement, letter of intent, indenture, note, bond, loan, instrument, lease, conditional sale contract, mortgage, license, franchise, commitment or other
binding arrangement (collectively, the “Contracts”) to which any or all of Conseco, Exl or Exl (India) is a party or by or to which Conseco, Exl, Exl (India) or any of their properties is or may be bound or subject, or result in the
creation of any Lien upon any of the properties of Conseco, Exl and/or Exl (India) pursuant to the terms of any such Contract; (d) if the Required Consents are obtained, violate any Law of any Governmental Body applicable to the Shares, Conseco,
Exl, Exl (India) or to their securities, properties or business; (e) if the Required Consents are obtained, violate any Order of any Governmental Body applicable to Exl, Exl (India) or to their securities, properties or business; or (f) if the
Required Consents are obtained, violate or result in the revocation or suspension of any Permit. 
  
 3.12 Claims and Proceedings. Except as set forth on Schedule 3.12, there are no outstanding Orders of any
Governmental Body against or involving Exl or Exl (India). Except as set forth on Schedule 3.12, there are no actions, causes of action, suits, claims, complaints, demands, litigations or legal, administrative or arbitral proceedings or
investigations (collectively, “Claims”) (whether or not the defense thereof or liabilities in respect thereof are covered by insurance) pending or, to the knowledge of Conseco, threatened, against, involving or related to Exl, Exl
(India) or any of their properties, owned or leased. All notices required to have been given to any insurance company listed as insuring against any Claim set forth on Schedule 3.12 have been timely and duly given and, except as set forth on
Schedule 3.12, no insurance company has asserted, orally or in writing, that such Claim is not covered by the applicable policy relating to such Claim. There are no Claims pending or, to the knowledge of Conseco, threatened that would give
rise to any right of indemnification on the part of any director or officer of Exl or Exl (India) or the heirs, executors or administrators of such director or officer, against Exl or Exl (India) or any successor to the business of Exl or Exl
(India). 
  
 3.13 Contracts. 

 
 (a) Schedule 3.13(a) sets forth all of the
following Contracts, other than Contracts entered into in the ordinary course of business, which may be terminated upon prior notice of not more than 60 days and which involve annual expenditures of less than $50,000, to which either Exl or Exl
(India) is a party or by or to which it or any of its properties may currently be bound or subject, including without limitation: (i) direct or indirect Contracts with any current or former officer, director, shareholder, employee, consultant, agent
or other representative or with an entity in which such person has a direct or indirect interest; (ii) other than in the ordinary course of business, Contracts for the sale of any material assets in one or a series of related transactions or for the
grant to any person of any option or preferential rights to purchase any properties or assets; (iii) partnership or joint venture agreements; (iv) Contracts under which either Exl or Exl (India) agrees to indemnify any party or to share tax
liability of any party; (v) Contracts which cannot be canceled without liability, premium or penalty and which provide for a current or future obligation of Exl or Exl (India) to make 

  

 8 

 
payments in excess of $50,000 per year; (vi) Contracts which purport to restrict or prohibit Exl, Exl (India) or any of their respective officers, or
employees, directly or indirectly, from engaging in any business involving outsourcing in India of call center, customer service and similar business processes for businesses located outside India; (vii) Contracts containing covenants of Exl or Exl
(India) not to compete in any line of business or with any person in any geographical area or, to the knowledge of Conseco, covenants of any other person not to compete with Exl or Exl (India) in any line of business or in any geographical area;
(viii) Contracts relating to the acquisition by Exl or Exl (India) of any operating business or the capital stock of any other person; (ix) Contracts containing obligations or liabilities of any kind to holders of the capital stock of Exl or Exl
(India) as such (including, without limitation, an obligation to register any of such securities under any Federal or state securities laws); (x) Contracts relating to the borrowing of money; (xi) management Contracts providing for management of Exl
or Exl (India) by a third party and other equivalent agreements with any person, (xii) Contracts between Exl or Exl (India) and Conseco or any of Conseco’s affiliates and (xiii) Contracts to which either Exl or Exl (India) is a party or by or
to which Exl or Exl (India) or any of their properties may be bound or subject which involve annual expenditures of over $50,000 per year per Contract. 
  
 (b) Conseco, Exl and Exl (India) have made available to the Outside Investors before the date hereof true and complete copies of the
Contracts set forth on Schedule 3.13(b) or on any other Schedule. To the knowledge of Conseco, all of the Contracts referred to in the preceding sentence are valid and binding and enforceable upon Exl and/or Exl (India), as the case may be,
in accordance with their terms. Neither Exl nor Exl (India) is in breach or default in any material respect under any of such Contracts, nor does any condition exist that with notice or lapse of time or both would constitute such a material default
thereunder. To the knowledge of Conseco, no other party to any such Contract is in default thereunder in any material respect nor does any condition exist that with notice or lapse of time or both would constitute such a material default thereunder.

  
 3.14 Real Estate. 
  
 (a) No Ownership of Real Property. Neither Exl nor
Exl (India) owns any real property or has owned any real property. 
  
 (b) Leased Properties. Schedule 3.14(b) is a true, correct and complete schedule of all leases and other agreements (collectively, the “Real Property Leases”) under which either or both
of Exl and Exl (India) uses or occupies or has the right to use or occupy, now or in the future, any real property (the land, buildings and other improvements covered by the Real Property Leases being herein called the “Leased Real
Property”), which Schedule sets forth the date of and parties to each Real Property Lease, the date of and parties to each amendment, modification and supplement thereto, the term and renewal terms (whether or not exercised) thereof, the
annual base rent payable thereunder and a brief description of the Leased Real Property covered thereby. Conseco has heretofore delivered to, or caused Exl or Exl (India) to have heretofore delivered to, the Outside Investors true, correct and
complete copies of all 

  

 9 

 
Real Property Leases (including all modifications, amendments and supplements). Each Real Property Lease is valid, binding and in full force and effect, all
rent and other sums and charges payable by Exl or Exl (India), as the case may be, as tenant thereunder are current, no written notice of default under any Real Property Lease has been received by Exl or Exl (India), as the case may be, which
remains uncured, no written termination notice under any Real Property Lease has been received by Conseco, Exl or Exl (India), and no uncured material default on the part of Exl, Exl (India), Conseco or the landlord, exists under any Real Property
Lease. Neither Exl nor Exl (India) occupy or use any land, building, structures or other improvements which are not included in Leased Real Property other than the occupancy or use of customer locations by Exl or Exl (India) personnel in the
ordinary course of business. 
  
 (c) Space
Leases. Except as set forth on Schedule 3.14(c), no person or entity has been granted by Conseco, Exl or Exl (India) pursuant to a written agreement or pursuant to any other agreement, oral or otherwise, any right to the possession, use,
occupancy or enjoyment of the Leased Real Property or any portion thereof. 
  
 (d) No Options. Except as set forth on Schedule 3.14(d), neither Conseco, Exl nor Exl (India) owns or holds, or is obligated under or a party to, any option, right of first refusal or other contractual
right to purchase, acquire, sell, dispose of or lease the Leased Real Property or any portion thereof or interest therein. 
  
 (e) Condemnation. Neither Conseco, Exl nor Exl (India) has received written notice, or, to the knowledge of Conseco, any other
notice, oral or otherwise, of any sale or other disposition of the Leased Real Property or any part thereof. 
  
 3.15 Tangible Property. Except as set forth on Schedule 3.15, the facilities, machinery, equipment, furniture,
buildings and other improvements, fixtures, vehicles, structures, any related capitalized items and other tangible property used and/or operated by Exl, Exl (India) or Conseco and used by Exl or Exl (India) and material to the business of Exl and
Exl (India) (collectively, the “Tangible Property”) are in all material respects in adequate operating condition, normal wear and tear excepted and subject to continued repair and replacement in accordance with past practice, and
are suitable for their intended use in accordance with past practice. During the past three years, there has not been any material interruption of the operations of Exl and/or Exl (India) due to inadequate maintenance of the Tangible Property.

  
 3.16 Intellectual Property.

  
 (a) “Company Intellectual
Property” shall mean all Intellectual Property (as defined below) owned by, licensed to, or otherwise used by Exl and Exl (India) in connection with the Company Business as presently conducted. “Intellectual Property” is
hereinafter defined as all of the following as they exist in all jurisdictions throughout the world: (i) trademarks, service marks, trade dress, trade 

  

 10 

 
names, brand names, designs, logos, or corporate names, whether registered or unregistered, and all registrations and applications for registration thereof
(“Trademarks”); (ii) copyrights and mask works, including all renewals and extensions thereof, copyright registrations and applications for registration thereof, and non-registered copyrights (“Copyrights”); (iii)
patents, patent applications and inventions, designs and improvements described and claimed therein, patentable inventions and any other patent rights (“Patents”); (iv) Trade Secrets and Confidential Information; (v) computer
software programs, including, without limitation, all source code, object code, and documentation related thereto (“Software”); (vi) Internet addresses, domain names, web sites, web pages and similar rights and items; (vii) all
licenses, sublicenses and other agreements or permissions including the right to receive royalties, or any other consideration related to the property described in (i)-(vi) (“IP Licenses”); and (viii) all rights to sue at law or in
equity for any infringement or any other impairment of any of the property or rights described in (i) to (vii), including the right to collect damages and proceeds therefrom. 
  
 (b) Schedule 3.16(b) sets forth a list of all material registrations, filings and applications of the
Intellectual Property owned by Exl and Exl (India) as well as all material IP Licenses under which either Exl or Exl (India) is a licensor or licensee or otherwise uses any Intellectual Property. 
  
 (c) (i) Exl and Exl (India) exclusively own or otherwise
possess legally enforceable rights to use free and clear of any and all Liens or material restrictions, any and all Company Intellectual Property, including without limitation the Intellectual Property set forth on Schedule 3.16(c)(i)
constituting Migration. 
  
 (ii) After the
transactions contemplated by this Agreement, except as set forth in Schedule 3.16(c)(ii), Exl and Exl (India) will continue to own all right, title and interest in and to or have a license to use all Company Intellectual Property on
substantially identical terms and conditions as Exl and Exl (India) enjoyed immediately prior to such transactions. 
  
 (d) To the knowledge of Conseco, Exl and Exl (India) have not infringed upon or otherwise violated the intellectual property rights of any
third party, or received in writing any claim alleging any such infringement or other violation. Neither Conseco, Exl nor Exl (India) have been, during the twenty–four months preceding the date hereof, a party to any claim, nor, to the
knowledge of Conseco, is any claim threatened or is there any basis for a claim, that challenges the validity, enforceability, ownership or right of Exl and Exl (India) to use, sell or license any Company Intellectual Property or any IP License. To
the knowledge of Conseco, no third party is infringing upon any Company Intellectual Property. 
  
 (e) Except as set forth on Schedule 3.16(e), and to the knowledge of Conseco, Conseco, Exl and Exl (India) have taken commercially
reasonable action to maintain and protect each item of Intellectual Property owned by Exl or Exl (India). Exl and Exl (India) have taken commercially reasonable precautions to 

  

 11 

 
protect the secrecy, confidentiality, and value of their Trade Secrets and the proprietary nature and value of the Company Intellectual Property. 

 
 (f) Exl and Exl (India) have substantially performed all
obligations imposed on them pursuant to the IP Licenses, have made all undisputed payments required to date, and are not, nor is another party thereto, in breach of or default thereunder in any material respect, nor, to the knowledge of Conseco, is
there any event with which notice of lapse of time or both would constitute a material default thereunder. All of the material IP Licenses are in full force and effect, and, with respect to Exl and Exl (India), will continue to be on substantially
identical terms immediately following the Closing. Except as set forth on Schedule 3.16(f), the transactions contemplated by this Agreement will not result in the termination of, or otherwise require the consent of any party to, any material
IP Licenses. ExlService Holdings and the Outside Investors acknowledge that Conseco is in the process of obtaining certain specific consents and the Outside Investors and ExlService Holdings shall not be entitled to any remedy against Conseco with
respect to the failure by Conseco to obtain such consents, provided that, Conseco has made a good faith effort to obtain such consents. Conseco agrees be responsible for any and all costs and fees (up to $350,000) associated with obtaining such
consents. 
  
 (g) Exl and Exl (India) do not use
or collect any of the information they collect from their web site visitors or other parties (“Customer Information”) in an unlawful manner, or in a manner that violates Exl and Exl (India)’s privacy policy or the privacy
rights of their customers. This transaction will not violate Exl and Exl (India)’s privacy policy as it currently exists or as it existed at any time during which any of the Customer Information was collected or obtained. 
  
 3.17 Title to Properties. Exl and Exl (India)
own outright and have good title to all of the properties owned by them, including all of the assets reflected on the Balance Sheet and the properties described in Sections 3.15 and 3.16 or, with regard to the properties described in Section 3.16,
possesses legally enforceable rights to use such properties, in each case free and clear of any Lien, except for (a) Liens specifically described in the notes to the Financial Statements; (b) properties disposed of, or subject to purchase or sales
orders, in the ordinary course of business since the Balance Sheet Date; (c) Liens securing Taxes, assessments, governmental charges or levies, or the claims of materialmen, carriers, landlords and like persons, all of which are not yet due and
payable or are being contested in good faith, so long as such contest does not involve any substantial danger of the sale, forfeiture or loss of any assets; and (d) Liens set forth on Schedule 3.17. 
  
 3.18 Liabilities. As of the Balance Sheet Date
and as of the date of this Agreement, neither Exl nor Exl (India) had any material direct or indirect indebtedness, liability Claim, loss, damage, deficiency, obligation or responsibility, known or unknown, fixed or unfixed, choate or inchoate,
liquidated or unliquidated, secured or unsecured, accrued, absolute, contingent or otherwise, whether or not of a kind required by GAAP to be set forth on a financial statement or in the notes thereto (“Liabilities”) that were not
fully and adequately reflected or reserved against on the 

  

 12 

 
Balance Sheet or described on any Schedule or in the notes to the Financial Statements. Except as set forth on Schedule 3.18, neither Exl nor Exl
(India) has, except in the ordinary course of business, incurred any material Liabilities since the Balance Sheet Date. Neither Conseco, Exl nor Exl (India) has any knowledge of any circumstance, condition, event or arrangement that could reasonably
be considered to hereafter give rise to any material Liabilities of Exl or Exl (India) except as disclosed in the Financial Statements or the notes thereto, or otherwise set forth on Schedule 3.18. 
  
 3.19 Cash. Exl and Exl (India) have no less than
$3,666,443.28 of cash which is not subject to any Liens 
  
 3.20 Customers. 
  
 (a) Schedule 3.20(a) accurately lists, by dollar volume paid for the 12 months ended on the Balance Sheet Date, the 10 largest customers of Exl and Exl (India), taken as a whole (the “Material Customers”).

  
 (b) Except as set forth on Schedule
3.20(b), the relationships of Exl and Exl (India) with their customers are good commercial working relationships and, except as set forth on Schedule 3.20(b), (i) within the last 12 months, no Material Customer has threatened to cancel or
otherwise terminate or intends to cancel or otherwise terminate, its relationship with Exl and/or Exl (India), as the case may be, (ii) no Material Customer has during the last 12 months decreased materially or threatened to decrease or limit
materially, or intends to modify materially its relationship with Exl and/or Exl (India), as the case may be, or intends to decrease or limit materially its services to Exl and/or Exl (India), as the case may be, or its usage or purchase of the
services or products of Exl and/or Exl (India), as the case may be, (iii) the acquisition of the Shares by ExlService Holdings and the consummation of the Contemplated Transactions will not have a material adverse effect on the relationship of Exl
and/or Exl (India), as the case may be, with any of its Material Customers, (iv) within the last 12 months, no customers have threatened to cancel or otherwise terminate, or intend to cancel or otherwise terminate, their relationships with Exl
and/or Exl (India), as the case may be, the loss of which would have an adverse effect on the Condition of the Companies, (v) within the last 12 months, no customers have decreased or threatened to decrease or limit, or intend to modify their
relationships with Exl and/or Exl (India), as the case may be, to the extent of having an adverse effect on the Condition of the Companies and (vi) the acquisition of the Shares by ExlService Holdings and the consummation of the Contemplated
Transactions will not affect the relationships of Exl and/or Exl (India), as the case may be, with any customers to the extent of having an adverse effect on the Condition of the Companies. Schedule 3.20(b), sets forth a list of: (i) all
matters relating to material complaints filed with Exl and/or Exl (India) by their customers, and (ii) any other material customer complaints brought to the notice of senior officers of Exl and/or Exl (India). 
  

 13 

 3.21 Employee Benefit Plans. 
  
 (a) Schedule 3.21(a) lists all Benefit Plans. With
respect to each such plan, Conseco heretofore has delivered, or has caused Exl and/or Exl (India) heretofore to have delivered, to the Outside Investors, or has made available to the Outside Investors or their representatives, true, correct and
complete copies of (or, to the extent no such copies exist, accurate descriptions of), to the extent applicable (i) all plan texts and agreements and related trust agreements or annuity contracts; (ii) all summary plan descriptions and material
employee communications; (iii) the most recent annual report (including all schedules thereto); (iv) the most recent actuarial valuation; (v) the most recent annual audited financial statement and opinion; (vi) if the plan is intended to qualify
under Code section 401(a), the most recent determination letter received from the IRS; and (viii) all material communications with any Governmental Body (including the DOL, IRS and PBGC). 
  
 (b) Schedule 3.21(b) lists all “employee benefit
plans” as defined in Section 3(2) of ERISA, which are subject to Title IV of ERISA or Section 412 of the Code which at any time during the six year period ending on the date hereof were maintained or contributed to by Conseco, Exl, Exl (India)
or any Commonly Controlled Entity (“Pension Plans”). 
  
 (c) Except as disclosed in Schedule 3.21(c): 
  
 (i) With respect to each Benefit Plan and Pension Plan, no event has occurred, and there exists no condition or set of circumstances in
connection with which Exl or Exl (India) reasonably could, directly or indirectly (through a Commonly Controlled Entity or otherwise), be subject to any liability under ERISA, the Code or any other applicable Law, except liability for benefits
claims and funding obligations payable in the ordinary course. 
  
 (ii) Each Benefit Plan conforms in all material respects to, and its administration is in compliance with, its terms and all applicable Laws. Each Benefit Plan intended to comply with section 401(a) of the Code is the
subject of a favorable determination letter from the IRS as to the plan’s qualification and the qualification of the trust of each such plan under Section 501 of the Code and no events, circumstances or conditions exist which would jeopardize
such plans’ and trusts’ qualified status. 
  
 (iii) Conseco, Exl, Exl (India) and each Commonly Controlled Entity have made all payments due from such respective entity to date with respect to each Benefit Plan and Pension Plan. 
  
 (iv) There is no “amount of unfunded benefit
liabilities,” as defined in Section 4001(a)(18) of ERISA, in any of the Benefit Plans or Pension Plans. The “benefit liabilities,” as defined in Section 4001(a)(16) of ERISA, of each of the Benefit Plans and Pension Plans do 

  

 14 

 
not exceed the fair market value of the assets of such Benefit Plan or Pension Plan, as applicable. 
  
 (v) There has been no “reportable event,” as that
term is defined in Section 4043 of ERISA and the regulations thereunder, with respect to any Benefit Plan or Pension Plan which would require the giving of notice or any event requiring disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA.

  
 (vi) There is no violation of ERISA with
respect to the filing of applicable reports, documents and notices regarding the Benefit Plans and Pension Plans with the Secretary of Labor or the Secretary of the Treasury or the furnishing of such documents to the participants or beneficiaries of
the Benefit Plans and Pension Plans. 
  
 (vii)
All amendments and actions required to bring the Benefit Plans into conformity in all respects with all of the applicable provisions of ERISA and other applicable laws have been made or taken except to the extent that such amendments or actions are
not required by law to be made or taken until a date after the Closing Date. 
  
 (viii) Any bonding required with respect to the Benefit Plans and Pension Plans in accordance with applicable provisions of ERISA has been obtained and is in full force and effect. 
  
 (ix) With respect to each Benefit Plan and Pension Plan,
there are no funded benefit obligations for which contributions have not been made or properly accrued and there are no unfunded benefit obligations that have not been accounted for by reserves, or otherwise properly footnoted in accordance with
GAAP, on the Financial Statements. 
  
 (x) No
Benefit Plan or Pension Plan is a “multiemployer plan” as defined in Code Section 414(f) or ERISA sections 3(37) or 4001(a)(31). No Benefit Plan or Pension Plan is a multiple employer plan within the meaning of the Code section 413(c) or
ERISA sections 4063, 4064 or 4066. No Welfare Plan is a “multiple employer welfare arrangement” as defined in ERISA section 3(40). 
  
 (xi) There are no Claims or Liens pending or, to the knowledge of Conseco, threatened (other than routine claims for benefits) with
respect to any Benefit Plan or Pension Plan or against the assets of any Benefit Plan or Pension Plan. 
  
 (xii) Each Pension Plan that is not qualified under Code section 401(a) is exempt from Part 2, 3 and 4 of Title I of ERISA as an unfunded
plan that is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, pursuant to ERISA sections 201(2), 301(a)(3) and 401(a)(1). 
  

 15 

 (xiii) No assets of Exl or Exl (India) are allocated to or held in a “rabbi
trust” or similar funding vehicle. 
  
 (xiv) Each Benefit Plan that is a “group health plan” (as defined in ERISA section 607(1) or Code section 5001(b)(1)) has been operated at all times in compliance with the provisions of COBRA and any applicable similar state Law.

  
 (xv) There are no reserves, assets,
surpluses or prepaid premiums with respect to any Welfare Plan. 
  
 (xvi) Exl and Exl (India) are not obligated to provide benefits under any Retiree Welfare Plan. 
  
 (xvii) The consummation of the Contemplated Transactions will not under any Benefit Plan or other Exl or Exl (India) agreement, policy or
commitment (A) entitle any current or former Employee to severance pay, unemployment compensation or any similar payment; (B) accelerate the time of payment or vesting, or increase the amount of any compensation due to, or in respect of, any current
or former Employee; (C) result in or satisfy a condition to the payment of compensation that would, in combination with any other payment, result in an “excess parachute payment” within the meaning of Code section 280G(b); or (D)
constitute or involve a prohibited transaction (as defined in ERISA section 406 or Code section 4975), constitute or involve a breach of fiduciary responsibility within the meaning of ERISA section 502(l) or otherwise violate Part 4 of Subtitle B of
Title I of ERISA. 
  
 (xviii) None of Conseco,
Exl, Exl (India), any Commonly Controlled Entity, or any organization with respect to which Exl or Exl (India) is a successor or parent corporation, within the meaning of Section 4069(b) of ERISA, has engaged in any transaction described in Section
4069 of ERISA. 
  
 (xix) No liability under any
Benefit Plan or Pension Plan has been funded or satisfied with the purchase of a contract from an insurance company that is not rated AA by Standard & Poor’s Corporation or the equivalent by each other nationally recognized rating agency.

  
 (xx) Neither Conseco, Exl nor Exl (India) is
a party to any contract, plan or commitment, whether legally binding or not, to create any additional Benefit Plan or to modify any existing Benefit Plan. 
  
 (xxi) No stock or other security issued by Conseco, Exl, Exl (India) or a Commonly Controlled Entity forms or has formed a material part
of the assets of any Benefit Plan. 
  

 16 

 (xxii) As of the Closing Date, neither Exl nor Exl (India) has incurred any liability or
obligation under the Worker Adjustment and Retraining Notification Act, as it may be amended from time to time, and within the 90-day period immediately following the Closing Date, will not incur any such liability or obligation if, during such
90-day period, only terminations of employment in the normal course of operations occur. There has been no “mass layoff” or “plant closing,” as each such term is defined by WARN, with respect to the employees of Exl or Exl
(India), with respect to which there could be any future liability to such employees under WARN. 
  
 (xxiii) To the knowledge of Conseco, neither Exl nor Exl (India) have had or are reasonably expected to have any Liability, either direct
or indirect, absolute or contingent, as a result of any misclassification of a person (A) as an independent contractor rather than as an Employee, or (B) or as an exempt or non-exempt employee. 
  
 (xxiv) With respect to each Benefit Plan maintained outside
the jurisdiction of the United States, including any such plan required to be maintained or contributed to by applicable law, custom or rule of the relevant jurisdiction (“Foreign Plan”): 
  
 (1) all employer and employee contributions to each Foreign
Plan required by law or by the terms of such Foreign Plan have been made, or, if applicable, accrued in accordance with normal accounting practices; 
  
 (2) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through
insurance or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations, as of the Closing, with respect to all current or former participants
in such plan according to the actuarial assumptions and valuations most recently used to determine employer contributions to such Foreign Plan and no transaction contemplated by this Agreement shall cause such assets or insurance obligations to be
less than such benefit obligations; and 
  
 (3)
each Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities. 
  
 3.22 Employee Relations. 
  
 (a) Schedule 3.22(a) lists, as of the date hereof, the number of Employees in the aggregate, the number of full-time personnel and,
as of April 13, 2002, the number of contract workers of Exl and Exl (India). 
  

 17 

 (b) Except as disclosed in Schedule 3.22(b),  
  
 (i) None of the Employees is represented by a union, and
neither Exl, Exl (India) nor any labor union or other organizing efforts to represent the Employees have been conducted within the last 5 years or are now being conducted. 
  
 (ii) To the knowledge of Conseco, neither Exl nor Exl (India) at any time had, nor is there now threatened,
a strike, picket, work stoppage, work slowdown or other labor dispute. All persons employed by Exl and Exl (India) are properly classified by Exl and Exl (India) as an employee for payroll, Tax and accounting purposes. 
  
 (iii) Exl and Exl (India) have not violated any provision
of any Law or Order of any Governmental Body regarding the terms and conditions of employment of Employees, former Employees or prospective Employees or other labor-related matters, including, without limitation, laws, rules, regulations, orders,
rulings, decrees, judgments and awards relating to immigration, discrimination, fair labor standards and occupational health and safety, wrongful discharge or violation of the personal rights of Employees, former Employees or prospective Employees.

  
 (c) Neither Exl nor Exl (India) is a party to
nor have Exl and Exl (India) ever been party to any collective bargaining agreements, and none of Conseco, Exl and Exl (India) have any knowledge of any organizing activities currently occurring or being planned. There is no dispute, Claim or
proceeding pending with, or threatened by, the Immigration and Naturalization Service with respect to Exl or any Employee. 
  
 3.23 Insurance. Schedule 3.23 sets forth a list (specifying the insurer, describing each pending claim thereunder and
at the Closing Date will set forth the aggregate amounts paid out under each such policy from January 1, 1999 through the dates set forth on Schedule 3.23 and the aggregate limit, if any, of the insurer’s liability thereunder) of all
policies or binders of fire, liability, product liability, worker’s compensation, vehicular and other insurance held by or on behalf of Exl or Exl (India). Such policies and binders are valid and binding in accordance with their terms, are in
full force and effect, and insure against risks and liabilities with respect to events occurring at any time prior to the Closing Date to an extent and in a manner customary in the industries in which Exl or Exl (India) operate. Neither Exl nor Exl
(India) is in default with respect to any provision contained in any such policy or binder or has failed to give any required notice or present any claim under any such policy or binder in due and timely fashion. Except for claims set forth at the
Closing Date on Schedule 3.23, there are no outstanding unpaid claims that have been reported to either Exl or Exl (India) under any such policy or binder, and the Company has not received any notice of cancellation or non-renewal of any such
policy or binder. Except as set forth on Schedule 3.23, neither Exl nor Exl (India) has received any notice from any of its insurance carriers or any Governmental Body that any insurance premiums will or may 

  

 18 

 
be materially increased in the future or that any insurance coverage listed on Schedule 3.23 will or may not be available in the future on
substantially the same terms as now in effect, and there is no basis for the issuance of any such notice or for any such action. A copy of the loss runs prepared by Exl’s and Exl (India)’s insurance carriers for the last two years has been
delivered to the Buyer. 
  
 3.24 Officers,
Directors and Employees. Schedule 3.24 sets forth (a) the name, title and total compensation of each officer and director of Exl and Exl (India); (b) the name, title and total compensation of each other Employee, consultant, agent
or other representative of Exl and Exl (India), provided, however, in the case of Employees, consultants, agents or other representatives of Exl (India), such information shall only be required for individuals who are expected to
receive a total compensation of $35,000 or more for 2001 and for the nine months ended September 30, 2002; (c) all wage and salary increases, bonuses and increases in any other direct or indirect compensation received by such persons since the
Balance Sheet Date, which are not in accordance with written personnel or compensation policies, copies of which are attached as exhibits to Schedule 3.24; (d) any payments or commitments to pay any severance or termination pay to any current
or former officer, director or employee of Exl and Exl (India); and (e) any accrual for, or any commitment or agreement by Exl and Exl (India) to pay, such increases, bonuses or pay. Except as set forth on Schedule 3.24, Exl and Exl (India)
have not received any notice from any such person whether orally or in writing that he or she will cancel or otherwise terminate such person’s relationship with Exl and/or Exl (India), as the case may be. 
  
 3.25 Operations of Exl and Exl (India). Except
as set forth on Schedule 3.25, since the Balance Sheet Date neither Exl nor Exl (India) has: 
  
 (a) declared or paid any dividends or declared or made any other distributions of any kind to any stockholders of Exl or Exl (India), or
made any direct or indirect redemption, retirement, purchase or other acquisition of any shares of its capital stock; 
  
 (b) except for short-term bank borrowings in the ordinary course of business, incurred any indebtedness for borrowed money; 
  
 (c) reduced their cash or short-term investments or their
equivalent, other than to meet cash needs arising in the ordinary course of business, consistent with past practices; 
  
 (d) waived any material right under any Contract or other agreement of the type required to be set forth on any Schedule attached hereto;

  
 (e) made any change in its accounting methods
or practices or made any change in depreciation or amortization policies or rates adopted by it; 
  

 19 

 (f) materially changed any of its business policies, including advertising, investment,
marketing, pricing, purchasing, production, personnel, sales, returns, budget or product acquisition policies; 
  
 (g) made any loan or advance to any shareholders of Exl or Exl (India), or, other than in the ordinary course of business, officers,
directors, Employees, consultants, agents or other representatives, or made any other loan or advance; 
  
 (h) except for inventory or equipment in the ordinary course of business, sold, abandoned or made any other disposition of any of its
properties or assets or made any acquisition of all or any part of the properties, assets, capital stock or business of any other person; 
  
 (i) paid, directly or indirectly, any of its material Liabilities before the same became due in accordance with its terms or otherwise
than in the ordinary course of business; 
  
 (j)
terminated or failed to renew, or received any written threat (that was not subsequently withdrawn) to terminate or fail to renew, any Contract or other agreement that is or was material to the Condition of the Companies; 
  
 (k) amended its certificate of incorporation (except as
contemplated by this Agreement), by-laws or memorandum and articles of association (or comparable instruments) or merged with or into or consolidated with any other person, subdivided or in any way reclassified any shares of its capital stock or
changed or agreed to change in any manner the rights of its outstanding or issued and paid up capital stock or the character of its business; 
  
 (l) acquired, sold, leased, licensed, transferred, pledged, encumbered, granted or disposed of (whether by merger, consolidation,
purchase, sale or otherwise) any assets, including any Intellectual Property (other than the acquisition and sale of inventory or the disposition of used or excess equipment and the purchase of raw materials, supplies and equipment, in either case
in the ordinary course of business consistent with past practice), or entered into any material commitment or transaction outside the ordinary course of business; or 
  
 (m) engaged in any other material transaction other than in the ordinary course of business or in any
activity or transaction which has had a material adverse effect on the Condition of the Companies. 
  

 20 

 3.26 Potential Conflicts of Interest. Except as set forth on Schedule
3.26, (a) none of Conseco, Exl or Exl (India), (b) no officer, director or affiliate of Conseco, Exl or Exl (India), (c) no relative or spouse (or relative of such spouse) of any such officer, director or affiliate and (d) no entity controlled
by one or more of the foregoing: 
  
 (a) own(s),
directly or indirectly, any interest in, or is an officer, director, employee or consultant of, any person which is, or is engaged in business as, a competitor, lessor, lessee, supplier, distributor, sales agent or customer of Exl or Exl (India);

  
 (b) own(s), directly or indirectly, in whole
or in part, or use(s) any property that Exl or Exl (India) uses in the conduct of the Company Business other than the telecommunications equipment owned by Conseco (such equipment shall be listed on Schedule 3.26(b)); or 
  
 (c) has/have any Claim whatsoever against, or owes any
amount to or is owed any amount by, Exl or Exl (India), other than Claims which are being satisfied or released prior to or concurrently with the Contemplated Transactions. 
  
 3.27 Revenue Advances. As of the date of this Agreement, Conseco is not entitled to collect any
amounts from Exl and/or Exl (India) in connection with any “advance revenue payment” or any other forms of Indebtedness entered into between Conseco, Exl and/or Exl (India) other than the “advance revenue payments” evidenced by
the contracts or wire transfer records attached hereto as an exhibit to Schedule 3.27. As of the Closing Date, immediately after giving effect to the Contemplated Transactions, Conseco will not be entitled to collect any amounts in connection
with any advance revenue payments or other forms of Indebtedness entered into between Conseco, Exl and/or Exl (India) and any obligations for Exl and/or Exl (India) to pay money to Conseco, or any of its affiliates, shall be canceled without any
additional payments. 
  
 3.28 Conseco
Customer Payments. As of the date of this Agreement, none of Conseco and its affiliates (other than Exl and Exl (India)) owes Exl or Exl (India) any amounts other than amounts outstanding, which are not past due, pursuant to customer invoices
from Exl to Conseco and/or its affiliates. 
  
 3.29 Full Disclosure. No representation or warranty of Conseco contained in this Agreement, and no other agreement or certificate furnished at the Closing by or on behalf of Conseco to the Outside Investors and ExlService
Holdings pursuant to this Agreement contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements made, in the context in which made, not materially false or
misleading. 
  
 3.30 Report. Conseco has
received a report from Lazard Frères concerning the Contemplated Transactions; a copy of such report is attached hereto as an Exhibit to Schedule 3.30 (and there has been no amendment, modification or supplement to such report).

  
 3.31 Legal Opinion. All facts that
have been assumed in the legal opinion, provided by Conseco’s counsel, are true and accurate. 
  

 21 

 3.32 Wind-Down Costs. Conseco has disclosed to the Outside Investors all material
information relevant to Conseco’s analysis of (a) the costs of winding down the businesses of Exl and Exl (India) and (b) potential liabilities which may be incurred in connection with the winding down of the businesses of Exl and Exl (India),
including, but not limited to, all material documentation prepared in connection with such analysis. 
  
 4. Representations and Warranties of ExlService Holdings. ExlService Holdings represents and warrants to Conseco as follows: 
  
 4.1 Due Incorporation and Authority.
ExlService Holdings is a corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its
business as now being and as heretofore conducted. 
  
 4.2 Authority to Execute and Perform Agreement. ExlService Holdings has the full legal right and power and all authority and approvals required to enter into, execute and deliver this Agreement and each and every agreement and
instrument contemplated hereby to which ExlService Holdings is or will be a party and to perform fully its obligations hereunder and thereunder. This Agreement has been duly executed and delivered by ExlService Holdings, and on the Closing Date,
each and every agreement and instrument contemplated hereby to which ExlService Holdings is a party will be duly executed and delivered by ExlService Holdings and (assuming due execution and delivery hereof and thereof by the other parties hereto
and thereto) this Agreement and each such other agreement and instrument will be valid and binding obligations of ExlService Holdings enforceable against ExlService Holdings in accordance with their respective terms. The execution and delivery by
ExlService Holdings of this Agreement and each and every other agreement and instrument contemplated hereby to which ExlService Holdings is a party, the consummation of the transactions contemplated hereby and thereby and the performance by
ExlService Holdings of this Agreement and each such other agreement and instrument in accordance with their respective terms and conditions will not (a) violate any provision of the certificate of incorporation, by-laws or comparable instruments of
ExlService Holdings; (b) require ExlService Holdings to obtain any consent, approval, authorization or action of, or make any filing with or give any notice to, any Governmental Body or any other person; (c) violate, conflict with or result in the
breach of any of the terms and conditions of, result in a material modification of the effect of, otherwise cause the termination of or give any other contracting party the right to terminate, or constitute (or with notice or lapse of time or both
constitute) a default under, any Contract to which ExlService Holdings is a party or by or to which ExlService Holdings or any of their properties is or may be bound or subject; or (d) violate any Law or Order of any Governmental Body applicable to
ExlService Holdings. 
  

 22 

 5. Covenants and Agreements. 
  
 5.1 Publicity. The parties agree that no publicity release or announcement concerning this
Agreement or the Contemplated Transactions shall be made without advance approval thereof by Conseco and ExlService Holdings, which approval shall not be unreasonably withheld or delayed. Nothing contained herein shall be construed to prohibit the
Outside Investors, after the Closing, from making any publicity release or announcement concerning this Agreement or the Contemplated Transactions. 
  
 5.2 Expenses. After the Closing, Exl shall reimburse Oak Hill and FT Ventures for up to $2 million of their appropriately
documented out-of-pocket and third party expenses incurred in connection with the preparation, execution and performance of this Agreement and the Contemplated Transactions, including all fees and expenses of agents, representatives, counsel and
accountants. Except as provided in the immediately preceding sentence, neither Exl nor Conseco shall have any obligation to reimburse any party to this Agreement, or any other person, for any fees or expenses incurred in connection with this
Agreement or the Contemplated Transactions. Except as specifically provided herein, each of the Outside Investors, ExlService Holdings and Conseco shall each bear their respective expenses incurred in connection with the preparation, execution and
performance of this Agreement and the Contemplated Transactions, including all fees and expenses of agents, representatives, counsel and accountants. 
  
 5.3 Indemnification of Brokerage. Conseco represents and warrants to ExlService Holdings and the Outside Investors that no
broker, finder, agent or similar intermediary (a “Broker”) has acted on behalf of Exl, Exl (India) and/or Conseco in connection with this Agreement or the Contemplated Transactions, and that there are no brokerage commissions,
finder’s fees or similar fees or commissions payable in connection therewith based on any agreement, arrangement or understanding with Exl, Exl (India) and/or Conseco, or any action taken by Exl, Exl (India) and/or Conseco. Conseco agrees to
indemnify and hold harmless ExlService Holdings and the Outside Investors from any Claim or demand for commission or other compensation by any Broker claiming to have been employed by or on behalf of Exl, Exl (India) and/or Conseco, and to bear the
cost of legal expenses incurred in defending against any such claim. ExlService Holdings and the Outside Investors represent and warrant to Conseco that no Broker has acted on behalf of any of ExlService Holdings and the Outside Investors in
connection with this Agreement or the Contemplated Transactions, and that there are no brokerage commissions, finders’ fees or similar fees or commissions payable in connection therewith based on any agreement, arrangement or understanding with
any of ExlService Holdings and the Outside Investors, or any action taken by any of ExlService Holdings and the Outside Investors. ExlService Holdings and the Outside Investors agree to indemnify and hold harmless Conseco from any Claim or demand
for commission or other compensation by any Broker claiming to have been employed by or on behalf of ExlService Holdings and/or the Outside Investors, and to bear the cost of legal expenses incurred in defending against any such claim. 

 

 23 

 5.4 Related Parties. Conseco shall, prior to the Closing, pay or cause to
be paid to Exl or Exl (India), as the case may be, all amounts owed to Exl or Exl (India) by Conseco or any affiliate of Conseco other than Exl and Exl (India). At and as of the Closing, any debts of Exl or Exl (India) owed to Conseco or to any
affiliate of Conseco other than Exl and Exl (India) shall be canceled, except for any debts or obligations arising under this Agreement or the Contemplated Transactions. Conseco shall, prior to the Closing, terminate all agreements between Conseco
and its affiliates and either or both of Exl and Exl (India), except for such agreements as shall be necessary to document the Contemplated Transactions. 
  
 5.5 Required Consents. Conseco shall, prior to or following the Closing, use its commercially reasonable efforts to obtain,
at its sole expense, all Required Consents. 
  
 5.6 Tax Return Filing. 
  
 (a)
Conseco shall prepare or cause Exl and Exl (India) to prepare, in the ordinary course of business and in a manner consistent with past practices, and timely file (including extensions to file) all Tax Returns required to be filed by Exl and Exl
(India), the due date of which (without extensions) occurs on or before the Closing Date and pay (i) all Taxes due with respect to any such Tax Returns, and (ii) all other Taxes due or claimed to be due from or with respect to Exl or Exl (India) on
or before the Closing Date. 
  
 (b) Conseco will
prepare and file, in a timely manner, any Tax Returns due to be filed by Exl or Exl (India) after the Closing Date but relating solely to periods of time prior to the Closing Date, which returns shall be prepared (i) in the ordinary course of
business, (ii) on a basis consistent with past practices, and (iii) in a manner so that none of Oak Hill, Exl or Exl (India) will be subject to a material adverse effect for periods of time (or portions thereof) beginning after the Closing Date.
Conseco will provide Oak Hill with copies of such Tax Returns after they are filed. 
  
 (c) ExlService Holdings shall prepare and file or cause Exl or Exl (India), as the case may be, to prepare and file all Tax Returns of Exl
and Exl (India) required to be filed with any taxing authority for any Tax period that begins before and ends after the Closing Date (a “Straddle Period”), which returns shall be prepared in the ordinary course of business and on a
basis consistent with past practices with the understanding that such Tax Returns will be subject to the written consent of Conseco prior to filing, which consent shall not be unreasonably withheld. The parties agree that it shall be reasonable for
Conseco to withhold such consent with respect to any return that complies with this paragraph if (i) such Tax Return is inconsistent with the requirements of law or (ii) any position taken on such Tax Return could have an adverse effect on Exl, Exl
(India) or Conseco for periods ending prior to the Closing Date. Conseco shall be liable for all Pre-Closing Taxes, and Exl, Exl (India) and Exl Holdings shall be liable for all Post-Closing Taxes, with respect to any Tax Return filed for a Straddle
Period. ExlService Holdings shall notify Conseco of the amount of Taxes with respect to a Straddle Period for which Conseco is liable under this Section 5.6. Conseco 

  

 24 

 
shall pay the amount of such Taxes to ExlService Holdings in immediately available funds at least 5 business days prior to the date such Taxes are required
to be paid. For purposes of this Agreement, in the case of any Taxes of Exl or Exl (India) that are payable with respect to any Straddle Period, the portion of any such Taxes that constitutes Pre-Closing Taxes shall: (i) in the case of Taxes that
are either (x) based upon or related to income or receipts, or (y) imposed in connection with any sale, transfer or assignment or any deemed sale, transfer or assignment of property (real or personal, tangible or intangible) be deemed equal to the
amount that would be payable if the Tax year or period ended on the Closing Date; and (ii) in the case of Taxes (other than those described in clause (i) above) that are imposed on a periodic basis with respect to the business or assets of Exl or
Exl (India) or otherwise measured by the level of any item, be deemed to be the amount of such Taxes for the entire Straddle Period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding
Tax period) multiplied by a fraction the numerator of which is the number of calendar days in the portion of the Straddle Period ending on the Closing Date and the denominator of which is the number of calendar days in the entire Straddle Period.
For purposes of clause (i) of the preceding sentence, any exemption, deduction, credit or other item that is calculated on an annual basis shall be allocated to the portion of the Straddle Period ending on the Closing Date on a pro rata basis
determined by multiplying the total amount of such item allocated to the Straddle Period times a fraction, the numerator of which is the number of calendar days in the portion of the Straddle Period ending on the Closing Date and the denominator of
which is the number of calendar days in the entire Straddle Period. For purposes of this Agreement, Post-Closing Taxes shall mean any Taxes due with respect to a Straddle Period that are not Pre-Closing Taxes. In the case of any Tax based upon or
measured by capital (including net worth or long-term debt) or intangibles, any amount thereof required to be allocated under this Section 5.6 shall be computed by reference to the level of such items on the Closing Date. 
  
 5.7 Tax Audits and Other Proceedings. Oak Hill, FT
Ventures, ExlService Holdings, Exl, Exl (India) and Conseco shall cooperate fully, as and to the extent reasonably requested by any other party, in connection with any Tax audit, litigation or other Tax proceedings relating to the business of Exl or
Exl (India). Such cooperation shall include the retention and, upon any other party’s request, the provision of records and information reasonably relevant to any such audit, litigation or proceeding and making employees available on a mutually
convenient basis to provide additional information and explanation of any records and information provided hereunder. Oak Hill, FT Ventures, Exl, Exl (India) and Conseco further agree to furnish or cause to be furnished to each other, as promptly as
practicable, such information and assistance relating to Exl and Exl (India) as is reasonably necessary to the preparation and filing of any Tax Return, claim for refund or other required or optional filings relating to Tax matters, for the
preparation for and proof of facts during any Tax audit, for the preparation for any Tax protest, for the prosecution or defense of any suit or other proceeding relating to Tax matters and for the answer to any inquiry relating to Tax matters by any
Governmental Body. 
  

 25 

 5.8 Revenue Advances. At or prior to the Closing, Conseco shall cancel any and all
rights Conseco and any of its affiliates (other than Exl) have to collect any amounts due on any “advance revenue payments” provided by Conseco to Exl, including, but not limited to, the “advance revenue payments” evidenced by
contracts or wire transfer records attached hereto as an Exhibit to Schedule 3.27. 
  
 5.9 Post-Closing Investment. After the Closing, but in no event later than 30 days after the Closing, the Outside Investors will
invest at least $10 million in cash (the “Funds”) in ExlService Holdings. Upon receipt of the Funds from the Outside Investors, and through April 30, 2003, ExlService Holdings shall make available to Exl (India) a credit facility
(the “Credit Facility”), between Exl (India) and ExlService Holdings, for $10,000,000, to be drawn from time to time in the ordinary course of business. The Board of Directors of ExlService Holdings shall make a determination in its
sole discretion of the amount of funds available after April 30, 2003, to Exl (India) under the Credit Facility. Within 30 days of the Closing, as the Funds are being invested, the Outside Investors will deliver a certificate to Conseco which shall
certify that such Funds have been invested. 
  
 5.10 Conseco Customer Payments. Prior to the Closing Date, Conseco shall make all payments due on customer invoices from Exl to Conseco such that at the Closing there are no customer payments for which Conseco and its affiliates are
past due. 
  
 5.11 Management Incentive
Plan. Prior to the Closing, Conseco shall assume all liabilities of Exl and/or Exl (India) in connection with the Management Incentive Plan. 
  
 5.12 Trademark Assignment. Immediately prior to Closing, Conseco shall execute and deliver to Oak Hill the Trademark Assignment
attached hereto as Exhibit 1, (the “Trademark Assignment”), for purposes of assigning all of Conseco’s right, title and interest in the trademarks and goodwill referenced therein to ExlService Holdings and for purposes of
recording the Trademark Assignment in the U.S. Patent and Trademark Office. Conseco shall execute any other documents as may be reasonably required to carry out the purposes of the Trademark Assignment. 
  
 5.13 License Agreements. 
  
 (a) Contemporaneously with the execution of this Agreement,
Conseco shall cause Conseco Services, LLC, and ExlService Holdings shall cause Exl, to execute that certain license agreement attached hereto as Exhibit 2 (the “Conseco Services License Agreement”). 
  
 (b) Contemporaneously with the execution of this Agreement,
Conseco shall cause Conseco Services, LLC, and ExlService Holdings shall cause Exl, to execute that certain license agreement attached hereto as Exhibit 3 (the “Exl License Agreement”). 
  

 26 

 (c) Contemporaneously with the execution of this Agreement, Conseco shall execute or
shall cause one of its Affiliates, and ExlService Holdings shall cause Exl, to execute that certain license agreement attached hereto as Exhibit 4 (the “Conseco Trademark License Agreement”). 
  
 (d) If within twelve (12) months following the Closing,
ExlService Holdings identifies any Intellectual Property that is owned by Conseco or any Affiliate of Conseco that, prior to the Closing, is used solely by Exl and/or Exl (India) in connection with the Company Business, ExlService Holdings shall
notify Conseco of the same, and promptly thereafter, provided that such Intellectual Property is owned by Conseco or any Affiliate of Conseco, Conseco shall execute, or cause its Affiliates to execute for no additional consideration, an assignment
in favor of Exl of all right, title and interest in and to such Intellectual Property on an “AS-IS, WHERE-IS” basis. Immediately following such assignment, Exl shall enter into a license agreement with Conseco Services, LLC, on
substantially the same terms as those contained in the Exl License Agreement, pursuant to which Conseco Services, LLC shall be permitted to use the same for all purposes other than the Company Business or in competition with the Company Business
during the Restricted Period. 
  
 5.14
Acknowledgement. Conseco hereby acknowledges that upon Closing, as between Exl and Exl (India) on the one hand and Conseco and its affiliates on the other hand, Exl and Exl (India) shall own all right, title and interest to all Company
Intellectual Property constituting Migration, and Conseco shall take such further actions as reasonably required to ensure that Exl and Exl (India) own all such right, title and interest to such Company Intellectual Property. 
  
 5.15 Further Assurances. Each of the parties shall
execute such documents and take such further actions as may be reasonably required to carry out the provisions hereof and the Contemplated Transactions. 
  

 27 

 6. Non-Competition. 
  
 6.1 Covenants Against Competition. Conseco acknowledges that (i) Exl and Exl (India) are
engaged in the business of outsourcing in India of call center, customer service, back office and similar business processes (excluding computer programming and computer services) for businesses located outside India (the “Company
Business”); (ii) Conseco’s relationship with Exl and Exl (India) has provided it, and will continue to provide it with access to and possession of Trade Secrets of Exl and Exl (India) and Confidential Information; (iii) the agreements
and covenants contained in this Article 6 are essential to protect the Company Business and goodwill of Exl and Exl (India); and (iv) the Oak Hill Entities would not purchase such shares of capital stock but for such agreements and covenants.
Accordingly, Conseco covenants and agrees as follows: 
  
 (a) Non-Compete. 
  
 (i) For a
period of 3 years following the Closing (the “Restricted Period”), neither Conseco nor any of its subsidiaries or current affiliates shall, directly or indirectly, through any means, now known or hereinafter developed, (including
through the so-called World-Wide-Web, Internet or any so-called “on-line” service or other electronic media) directly or indirectly, (x) engage in the Company Business for its own account anywhere in the Restricted Territory (as defined
below); (y) except as agreed to in writing by ExlService Holdings, engage in any of the following with a person engaged in the Company Business anywhere in the Restricted Territory with respect to the Restricted Territory: (1) render any services to
such person, (2) enter into any licensing agreements with respect to the Licensed Materials (as defined in the Conseco Services License Agreement) licensed pursuant to the Conseco Services License Agreement with such person, (3) assign the Conseco
Services License Agreement to such person, (4) enter into any licensing agreements with respect to the Logo (as defined in the Conseco Trademark License Agreement) licensed pursuant to the Conseco Trademark License Agreement with such person, or (5)
assign the Conseco Trademark License Agreement to such person; or (z) become interested in any such person in any capacity, including as a partner, shareholder, principal, agent, trustee or consultant anywhere in the Restricted Territory;
provided, however, Conseco and its subsidiaries and current affiliates may own, directly or indirectly, solely as an investment, securities of any person traded on any national securities exchange or listed on a national quotation
system if neither Conseco nor any of its subsidiaries or current affiliates is a controlling person of, or a member of a group which controls, such person and does not, directly or indirectly, own 1% or more of any class of securities of such
person. For all purposes hereof, the term “Restricted Territory” shall mean each and every province, state, city or other political subdivision of the Republic of India. 
  
 (ii) As used herein, “Internet” shall mean the computer-generated, computer-mediated, or
computer-assisted transmission, reception, recordation or display arising from any network or other connection of instruments or devices now known or hereafter invented capable of transmission, reception, recordation and/or display (such instruments
or devices to include, without limitation, computers, laptops, cellular or PCS telephones, pagers, PDAs, wireless transmitters or receivers, modems, radios, televisions, satellite receivers, cable networks, smart cards, and set-top boxes).

  
 (b) Confidential Information; Personal
Relationships. Conseco promises and agrees that, either during the Restricted Period Conseco will not (x) disclose to any person who is not an Employee or (y) use for the benefit of Conseco or others, any Confidential Information or Trade
Secrets of Exl or Exl (India) and other subsidiaries other than pursuant to the terms of the TSA’s (as defined below); provided, however, that this provision shall not preclude Conseco from using or disclosing Confidential
Information or Trade Secrets if (i) use or disclosure of such information shall be required by applicable Law or Order of any Governmental Body or (ii) such 

  

 28 

 
information is readily ascertainable, now or hereafter, from public or published information or trade sources or otherwise known generally to the public
(other than information known generally to the public as a result of a violation of this Section 6.1 by Conseco). 
  
 (c) Property of Exl and Exl (India). All memoranda, notes, lists, records and other documents (and all copies thereof), including
such items stored in computer memories, on microfiche or by any other means, made or compiled by or on behalf of Exl and relating to the Company Business are and shall be the property of Exl and Exl (India) and Conseco with respect to such materials
that relate to Conseco’s business, and shall be delivered to Exl and Exl (India) promptly after the Closing or at any other time on request. 
  
 (d) Employees of Exl and Exl (India). Except as agreed to in writing by Oak Hill, Conseco, Exl and Exl (India), during the
Restricted Period, Conseco shall not, directly or indirectly, solicit for hire any Employee or encourage any such Employee to leave such employment (with the exception of general solicitations not specifically directed at Exl, Exl (India) or their
affiliates). 
  
 6.2 Rights and Remedies Upon
Breach. If Conseco breaches, or threatens to commit a breach of, any of the provisions of Section 6.1 (the “Restrictive Covenants”), ExlService Holdings, the Outside Investors, Exl and Exl (India) shall have the following
rights and remedies, each of which rights and remedies shall be independent of the others and severally enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to ExlService Holdings, the Outside
Investors, Exl and Exl (India) under Law or in equity: 
  
 (a) Specific Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants would
cause irreparable injury to ExlService Holdings, the Outside Investors, Exl and Exl (India) and that money damages would not provide an adequate remedy to ExlService Holdings, the Outside Investors, Exl and Exl (India); and 
  
 (b) Accounting. The right and remedy to require
Conseco, in the event of Conseco’s breach of the provisions of this Section 6, to account for and pay over to ExlService Holdings, the Outside Investors, Exl and Exl (India), all compensation, profits, monies, accruals, increments or other
benefits derived or received by Conseco as the result of any transactions by Conseco constituting a breach of the Restrictive Covenants. 
  
 6.3 Severability of Covenants. Conseco acknowledges and agrees that the Restrictive Covenants are reasonable and valid in
geographical and temporal scope and in all other respects. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable as to Conseco, the remainder of the Restrictive Covenants shall not thereby be
affected and shall be given full effect without regard to the invalid portions. 
  

 29 

 6.4 Blue-Penciling. If any court determines that any of the Restrictive
Covenants, or any part thereof, is unenforceable as to Conseco because of the duration or geographic scope of such provision, such court shall have the power to reduce the duration or scope of such provision, as the case may be, and, in its reduced
form, such provision shall then be enforceable. 
  
 6.5 Enforceability in Jurisdictions. ExlService Holdings, the Outside Investors and Conseco intend to and hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical
scope of the Restrictive Covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants unenforceable by reason of the breadth of such scope or otherwise, it is the intention of ExlService Holdings, the Outside
Investors and Conseco that such determination not bar or in any way affect any of ExlService Holdings’, the Outside Investors’ or Conseco’s right to the relief provided above in the courts of any other jurisdiction within the
geographical scope of the Restrictive Covenants, as to breaches of the Restrictive Covenants in such other respective jurisdictions, the Restrictive Covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and
independent covenants. 
  
 6.6 Early
Termination. Notwithstanding the provisions of this Section 6, if, within 6 months of the date hereof, Exl and Exl (India) shall willfully and deliberately breach (the “Breach”) a material term of a substantial nature of the
Transition Services Agreement, dated as of the date hereof, by and among Conseco, Conseco Services, LLC, Exl and Exl (India) or the Transition Services Agreement, dated as of the date hereof, by and among Conseco, Conseco Finance Corp., Exl and Exl
(India (collectively, the “TSA’s”), and such Breach shall continue for a period of thirty (30) days after written notice of such Breach has been provided by Conseco to Exl and Exl (India) (the “Notice Date”),
then the Restricted Period shall end on the Notice Date. 
  
 7.
Survival of Representations and Warranties of Conseco After Closing. Notwithstanding any right of ExlService Holdings or the Outside Investors to investigate fully the affairs of Exl and Exl (India) and notwithstanding any knowledge of
facts determined or determinable by ExlService Holdings and/or the Outside Investors pursuant to such investigation or right of investigation, ExlService and the Outside Investors have the right to rely fully upon the representations, warranties,
covenants and agreements of Conseco contained in this Agreement or in any other agreements or certificates delivered at the Closing pursuant to this Agreement. All such representations, warranties, covenants and agreements shall survive the
execution and delivery of this Agreement and the Closing hereunder to the extent provided in the following sentence. Except for those representations and warranties in Sections 3.1 (Due Incorporation and Authority), 3.2 (Subsidiaries and Other
Affiliates), 3.4 (Outstanding Capital Stock; Title) and 3.5 (Options or Other Rights) (all of which representations and warranties shall survive without limitation), all representations and warranties of Conseco contained in this Agreement shall
terminate and expire immediately after the Closing Date, with respect to any General Claim based upon, arising out of or otherwise in respect of any fact, circumstance or Claim (other than facts, circumstances or Claims for which Conseco 

  

 30 

 
had actual knowledge, or which arise as a result of fraud by Conseco) of which ExlService Holdings and/or the Outside Investors prior to that date shall not
have given written notice to Conseco as provided in Section 8.3 below. 
  
 8. General Indemnification. 
  
 8.1 Obligation of Conseco to Indemnify. 
  
 (a) Conseco acknowledges: (i) the Outside Investors will need to invest additional capital in order to maintain the viability of Exl and Exl (India); (ii) the continued existence of Exl and Exl (India) will be of
benefit to Conseco and it affiliates; and (iii) the Outside Investors are entering into this Agreement in reliance on Conseco’s representations and warranties contained herein. 
  
 (b) Subject to the limitations contained in Article 7 and Section 8.4, Conseco agrees to indemnify, defend
and hold harmless the Outside Investors and ExlService Holdings (and their partners, directors, officers, employees, affiliates, successors and assigns) from and against all Claims, losses, liabilities, damages, deficiencies, judgments, assessments,
fines, settlements, costs or expenses (including interest, penalties and fees, reasonable expenses and disbursements of attorneys, experts, personnel and consultants incurred by the indemnified party in any action or proceeding between the
Indemnifying Party and the indemnified party or between the indemnified party and any third party, or otherwise) (“Losses”) based upon, arising out of or otherwise in respect of any inaccuracy in or any breach of any representation,
warranty, covenant or agreement of Conseco contained in this Agreement or in any other agreements or certificates delivered at the Closing by Conseco pursuant to this Agreement. 
  
 8.2 Tax Treatment. It is the intention of the parties hereto that any payment under this
Section 8 shall be treated as an adjustment to the Purchase Price for federal, state, local and foreign income tax purposes and the parties agree to file their Tax Returns accordingly. In the event that any such payment is not so treated, the amount
of such payment shall be increased so that, after payments of all Taxes due thereon, the amount retained by the Indemnitee is equal to the amount such party would have retained if no such Taxes had been due. 
  
 8.3 Notice and Opportunity to Defend. 
  
 (a) Notice of Asserted Liability. The party making a
claim under this Article 8 is referred to as the “Indemnitee,” and the party against whom such claims are asserted under this Article 8 is referred to as the “Indemnifying Party.” All claims by any Indemnitee under
this Article 8 shall be asserted and resolved as follows: promptly after receipt by the Indemnitee of notice of any Claim or circumstances which, with the lapse of time, would or might give rise to a Claim or the commencement (or threatened
commencement) of a Claim including any action, proceeding or investigation (an “Asserted Liability”) that may result in a Loss, the Indemnitee shall give notice thereof (the “Claims Notice”) to the Indemnifying
Party. 

  

 31 

 
The Claims Notice shall describe the Asserted Liability in reasonable detail, and shall indicate the amount (estimated, if necessary and to the extent
feasible) of the Loss that has been or may be suffered by the Indemnitee. The omission of any Indemnitee to so notify the Indemnifying Party of any such Claims Notice shall not relieve the Indemnifying Party from any liability which it may have to
such Indemnitee unless, and only to the extent that, such omission results in the Indemnifying Party’s forfeiture of substantive rights or defenses or otherwise materially prejudices the Indemnifying Party’s defense of the Claim.

  
 (b) Opportunity to Defend. 

 
 (i) The Indemnifying Party may elect to compromise or
defend, at such party’s own expense and by such party’s own counsel, any Asserted Liability, except any Asserted Liability by any customer of Exl or Exl (India) with respect to the business conducted by Exl or Exl (India) prior to the
Closing, which shall be subject to Section 8.3(b)(ii). If the Indemnifying Party elects to compromise or defend such Asserted Liability, it shall within 30 days (or sooner, if the nature of the Asserted Liability so requires) notify the Indemnitee
of such party’s intent to do so, and the Indemnitee shall cooperate, at the expense of the Indemnifying Party, in the compromise of, or defense against, such Asserted Liability. If the Indemnifying Party elects to compromise or defend such
Asserted Liability the Indemnitee may participate in such compromise or defense at its sole expense. If the Indemnifying Party elects not to compromise or defend the Asserted Liability, fails to notify the Indemnitee of such party’s election as
herein provided or contests such party’s obligation to indemnify under this Agreement, the Indemnitee may pay, compromise or defend such Asserted Liability (at the Indemnifying Party’s sole expense). Notwithstanding the foregoing, neither
the Indemnifying Party nor the Indemnitee may settle or compromise any Asserted Liability over the objection of the other; provided, however, consent to settlement or compromise shall not be unreasonably withheld. If the Indemnifying
Party chooses to defend any Asserted Liability, the Indemnitee shall make available to the Indemnifying Party any books, records or other documents within such party’s control that are necessary or appropriate for such defense. 
  
 (ii) In the case of any Asserted Liability by any customer
of Exl or Exl (India) with respect to the business conducted by Exl or Exl (India) prior to the Closing, in connection with which ExlService Holdings and/or the Outside Investors, as the case may be, may make a claim against Conseco for
indemnification pursuant to Section 8.1, ExlService Holdings and/or the Outside Investors, as the case may be, shall have the exclusive right at its option to defend any such Asserted Liability, subject to the duty of ExlService Holdings and/or the
Outside Investors, as the case may be, to consult with the Indemnifying Party and such party’s attorneys in connection with such defense and provided that no such Asserted Liability shall be compromised or settled by ExlService Holdings and/or
the Outside Investors, as the case may be, without the prior consent of the Indemnifying Party, which consent shall not be 

  

 32 

 
unreasonably withheld. The Indemnifying Party shall have the right to recommend in good faith to ExlService Holdings and/or the Outside Investors, as the
case may be, proposals to compromise or settle Asserted Liabilities brought by a supplier or customer, and ExlService Holdings and/or the Outside Investors, as the case may be, agree to present such proposed compromises or settlements to such
supplier or customer. All amounts required to be paid in connection with any such Asserted Liability pursuant to the determination of any Governmental Body, and all amounts required to be paid in connection with any such compromise or settlement
consented to by the Indemnifying Party, shall be borne and paid by the Indemnifying Party. The parties agree to cooperate fully with one another in the defense, compromise or settlement of any such Asserted Liability. 
  
 8.4 Scope of Indemnification. The
indemnification provided for in Section 8.1 shall be subject to the following limitations: 
  
 (a) Notwithstanding anything to the contrary stated herein, in no event shall Conseco be obligated to pay for indemnification under
Section 8.1 an aggregate amount in excess of $10,000,000. 
  
 (b) Notwithstanding anything to the contrary stated herein, the limitation of Conseco’s liability under this Agreement set out above at Sections 8.4(a) shall not limit the obligation of Conseco to make payments
for indemnification under this Article 8 if the Losses giving rise to claims for indemnification (A) arise from any representations and warranties which are incorrect or in breach due to fraud by Conseco, (B) arise from any representations and
warranties which are incorrect or in breach and Conseco has actual knowledge of such inaccuracy or breach or (C) arise from inaccuracies or breaches of the representations and warranties of Conseco contained in Sections 3.1 (Due Incorporation and
Authority), 3.2 (Subsidiaries and Other Affiliates), 3.4 (Outstanding Capital Stock; Title), 3.5 (Options or Other Rights) and 5.6 (Tax Return Filing). 
  
 9. Miscellaneous. 
  
 9.1 Certain Definitions. 
  
 (a) As used in this Agreement, the following terms have the following meanings: 
  
 “affiliate” means, with respect to any person, any other
person controlling, controlled by or under common control with, or the parents, spouse, lineal descendants or beneficiaries of, such person. 
  
 “Benefit Plan” means any employee benefit plan, arrangement, policy or commitment, whether oral or written, (whether or not an employee
benefit plan within the meaning of section 3(3) of ERISA), including, without limitation, any employment or individual consulting agreements for personal services, or deferred compensation 

  

 33 

 
agreement, executive compensation, bonus, incentive, pension, profit-sharing, savings, retirement, stock option, stock purchase or severance pay plan or
other equity-based compensation, any life, health, disability or accident insurance plan or any holiday or vacation practice, with respect to which employees, directors, or other service providers, past and/or present, participate, or as to which
Exl or Exl (India) has or in the future is likely to have any direct or indirect, actual or contingent material liability. 
  
 “COBRA” means the provisions of Code section 4980B and Part 6 of Subtitle B of Title I of ERISA. 
  
 “Commonly Controlled Entity” means any entity which is under
common control with Exl or Exl (India) within the meaning of Code section 414(b), (c), (m), (o) or (t). 
  
 “Confidential Information” means any information other than Trade Secrets that is not generally available to the public and that is
treated as confidential or proprietary by Exl or Exl (India), whether or not marked or designated as “confidential” or “proprietary.” 
  
 “DOL” means the United States Department of Labor. 
  
 “Employee” means any individual employed by Exl or Exl (India). 
  
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended. 
  
 “Exl (India) Shares” means
all of the shares of issued and fully paid up equity shares of Exl (India), of Rupees 10 per equity share. 
  
 “GAAP” means generally accepted accounting principles in the United States. 
  
 “General Claim” means any claim based upon, arising out of or otherwise in respect of any inaccuracy in or
any breach of any representation or warranty of Conseco contained in this Agreement. 
  
 “Indebtedness” means, as to any Person, all obligations, contingent and otherwise, which in accordance with GAAP consistently applied should be classified upon such person’s balance sheet as
liabilities, but in any event including liabilities secured by any mortgage, pledge, security interest, lien, charge or other encumbrance existing on property owned or acquired by such person whether or not the liability secured thereby shall have
been assumed, letters of credit open for account, obligations under acceptance facilities and all obligations on account of guaranties, endorsements and any other contingent obligations in respect of the Indebtedness of others whether or not
reflected on such balance sheet or in a footnote thereto. The amount of any Indebtedness shall be deemed to be an amount equal to the stated or determinable amount of such 

  

 34 

 
Indebtedness or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof. 
  
 “IRS” means the Internal Revenue Service. 
  
 “knowledge of Conseco” or any variant thereof means the
knowledge of Gary Wendt, Ruth Fattori, William T. Devanney, Jr., James Larkin, Gene Bullis, Rick Dykhouse, David Herzog, and any lawyers who are employees of Conseco or its affiliates who have reviewed this Agreement. 
  
 “Lien” means any lien, pledge, mortgage, deed of trust,
security interest, claim, lease, license, charge, option, right of first refusal, easement, servitude, or similar encumbrance to title. 
  
 “Management Incentive Plan” means the Management Incentive Plan for Exl established by Conseco effective August 1, 2001. 
  
 “Migration” means (i) the DMAIC for Process Migration
Manual, and (ii) all materials, including Trade Secrets and Confidential Information, relating to migration processes as currently conducted by Exl and its subsidiaries in connection with the Company Business. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation.

  
 “Pension Plan” means any Benefit Plan which
is a pension plan within the meaning of ERISA section 3(2) (regardless of whether the plan is covered by ERISA). 
  
 “person” means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock
company, trust, unincorporated organization, Governmental Body or other entity. 
  
 “property” or “properties” means real, personal or mixed property, tangible or intangible. 
  
 “Purchase Price” means the aggregate amount paid by the Outside Investors to Conseco for the Shares. 
  
 “Retiree Welfare Plan” means any Welfare Plan that provides
benefits to current or former Employees beyond their retirement or other termination of service (other than coverage mandated by COBRA, the cost of which is fully paid by the current or former Employee or his or her dependents) or any applicable
state law. 
  
 “Trade Secrets” means any trade
secrets, research records, processes, procedures, manufacturing formulae, know-how, technology, blue prints, databases, designs, plans, inventions, invention disclosures and improvements thereto (whether or not patentable or subject to copyright,
mask work, or trade secret protection). 
  

 35 

 “Welfare Plan” means any Benefit Plan which is a welfare plan within the meaning of
ERISA section 3(1) (regardless of whether the plan is covered by ERISA). 
  
 “$” means United States dollars. 
  
 The following capitalized terms are defined in the following Sections of this Agreement: 
  

			
	 Term

	  	 Section

	 Agreement
	  	Preamble
	 Asserted Liability
	  	8.3(a)
	 Balance Sheet
	  	3.7(a)
	 Balance Sheet Date
	  	3.7(a)
	 Broker
	  	5.3
	 Claims
	  	3.12
	 Claims Notice
	  	8.3(a)
	 Closing
	  	1.1
	 Closing Date
	  	2
	 Code
	  	3.8(e)
	 Company Business
	  	6.1
	 Company Intellectual Property
	  	3.16(a)
	 Condition of the Companies
	  	3.3
	 Conseco
	  	Preamble
	 Contemplated Transactions
	  	3.8(n)
	 Contracts
	  	3.11
	 Copyrights
	  	3.16(a)
	 Customer Information
	  	3.16(i)
	 Exl
	  	Preamble
	 ExlService Holdings
	  	Preamble
	 Exl (India)
	  	3.1
	 Financial Statements
	  	3.7(a)
	 Foreign Plan
	  	3.21(c)(xxiv)
	 FT Ventures
	  	Preamble
	 Governmental Bodies
	  	3.9
	 Indemnifying Party
	  	8.3(a)
	 Indemnitee
	  	8.3(a)
	 Intellectual Property
	  	3.16(a)
	 IP Licenses
	  	3.16(a)
	 Internet
	  	6.1(a)(2)
	 Laws
	  	3.9
	 Leased Real Property
	  	3.14(b)
	 Liabilities
	  	3.18
	 Licensed Materials
	  	6.1(a)(i)(y)(2)
	 Logo
	  	6.1(a)(i)(y)(4)
	 Losses
	  	8.1(b)
	 Material Customers
	  	3.20(a)

  

 36 

			
	 Term

	  	 Section

	 Oak Hill
	  	Preamble
	 Orders
	  	3.9
	 Outside Investors
	  	Preamble
	 Patents
	  	3.16(a)
	 Pension Plans
	  	3.21(b)
	 Permits
	  	3.10
	 Purchase Price
	  	1.2
	 Real Property Leases
	  	3.14(b)
	 Required Consents
	  	3.11
	 Restricted Period
	  	6.1(a)
	 Restrictive Covenants
	  	6.2
	 Shares
	  	Recital
	 Software
	  	3.16(a)
	 Straddle Period
	  	5.6(c)
	 Tangible Property
	  	3.15
	 Tax Returns
	  	3.8(b)
	 Taxes
	  	3.8(a)
	 Tax Sharing Agreement
	  	3.8(j)
	 Trademarks
	  	3.16(a)
	 TSA’s
	  	6.6

  
 9.2
Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, sent by overnight courier service for next day delivery, if a facsimile number is provided below, sent by
facsimile transmission or sent by certified or registered mail, postage prepaid. Any such notice shall be deemed given when so delivered personally, or, if sent by overnight courier service, one business day after delivery of such notice into the
custody and control of an overnight courier service or, if permitted hereunder, sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mails, as follows: 
  

	 	(i)	if to Oak Hill, to: 

  
 c/o Oak Hill Capital Partners, L.P. 
 201
Main Street, Suite 2415 
 Fort Worth, TX 76102 
 Facsimile: (817) 339-7350 
 Attention: Ray Pinson 
  

 37 

 with a copy to: 
  
 Paul, Weiss, Rifkind, Wharton & Garrison 
 1285 Avenue of the Americas 
 New York, NY 10019-6064 
 Facsimile: (212) 492-0303 
 Attention:
Kenneth M. Schneider, Esq. 
  
 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. 
  

	 	(ii)	if to FT Ventures, to: 

  
 601 California Street 
 San Francisco, CA
94108 
 Facsimile: (415) 229-3005 
 Attention: David Haynes 
  

	 	(iii)	if to ExlService Holdings, to: 

  
 201 Main Street, Suite 2415 
 Fort Worth, TX
76102 
 Facsimile: (817) 339-7350 
 Attention: Ray Pinson 
  

	 	(iv)	if to Conseco, to: 

  
 11825 N. Pennsylvania Street 
 Carmel, IN
46032 
 Attention: David K. Herzog, General Counsel 
 Facsimile: (317) 817-5828 
  
 with a copy to: 
  
 Baker & Daniels 
 300 North Meridian Street 
 Suite 2700

 Indianapolis, IN 46204 
 Attention: David C. Worrell 
 Facsimile: (317) 237-1000 
  

 38 

	 	(v)	if to Exl, to: 

  
 350 Park Avenue 
 New York, NY 10022

 Attention: Rohit Kapoor, Chief Financial Officer 
 Facsimile: (212) 872-1524 
  
 Any
party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder. 
  
 9.3 Entire Agreement. This Agreement (including the Exhibits and Schedules) and any collateral agreements executed in
connection with the consummation of the Contemplated Transactions, including without limitation, the Service Agreement and the Stockholder’s Agreement, contain the entire agreement among the parties with respect to the purchase of the Shares
and supersede all prior agreements, written or oral, with respect thereto. 
  
 9.4 Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a
written instrument signed by the Outside Investors and Conseco or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof,
nor shall any waiver on the part of any party of any such right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power or
privilege. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or in equity. The rights and remedies of any party based upon, arising out of or otherwise in
respect of any inaccuracy in or breach of any representation, warranty, covenant or agreement contained in this Agreement or any documents delivered pursuant to this Agreement shall in no way be limited by the fact that the act, omission, occurrence
or other state of facts upon which any claim of any such inaccuracy or breach is based may also be the subject matter of any other representation, warranty, covenant or agreement contained in this Agreement or any documents delivered pursuant to
this Agreement (or in any other agreement between the parties) as to which there is no inaccuracy or breach. 
  
 9.5 Consent to Jurisdiction and Service of Process. The parties hereto shall consent to the non–exclusive jurisdiction of any
Federal court of the Southern District of New York or any state court located in New York County, State of New York, with respect to any Claim rising out of or relating to this Agreement or the Contemplated Transactions and each party agrees not to
assert, by way of motion, as a defense or otherwise, in any such claim, any Claim that it is not subject personally to the jurisdiction of such court, that the Claim is brought in an inconvenient forum, that the venue of the Claim is improper or
that this Agreement or the subject matter hereof may not be enforced in or by such court. Each party further irrevocably submits to the 

  

 39 

 
jurisdiction of such court in any such Claim. Any and all service of process and any other notice in any such Claim shall be effective against any party if
given personally or by registered or certified mail, return receipt requested, or by any other means of mail that requires a signed receipt, postage prepaid, mailed to such party as herein provided. Nothing herein contained shall be deemed to affect
the right of any party to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction. 
  
 9.6 Governing Law. This Agreement shall be governed and construed in accordance with the laws of the
State of New York applicable to agreements made and to be performed entirely within such State. 
  
 9.7 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and legal representatives. This Agreement is not assignable except by operation of law, except that the Outside Investors and ExlService Holdings may assign their rights hereunder to any of their affiliates, to any successor to all or
substantially all of its business or assets, or to any bank or other financial institution that may provide financing to one or more such parties. 
  
 9.8 Usage. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context
may require. All terms defined in this Agreement in their singular or plural forms have correlative meanings when used herein in their plural or singular forms, respectively. Unless otherwise expressly provided, the words “include,”
“includes” and “including” do not limit the preceding words or terms and shall be deemed to be followed by the words “without limitation.” 
  
 9.9 Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each
of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all, but together
signed by all of the parties hereto. 
  
 9.10
Exhibits and Schedules. The Exhibits and Schedules are a part of this Agreement as if fully set forth herein and all references to this Agreement shall be deemed to include the Exhibits and Schedules. All references herein to Sections,
Exhibits and Schedules shall be deemed references to such parts of this Agreement, unless the context shall otherwise require. 
  
 9.11 Headings. The headings in this Agreement are for reference only, and shall not affect the interpretation of this Agreement.

  

 40 

 9.12 Severability of Provisions. 
  
 (a) If any provision or any portion of any provision of this
Agreement shall be held invalid or unenforceable, the remaining portion of such provision and the remaining provisions of this Agreement shall not be affected thereby. 
  
 (b) If the application of any provision or any portion of any provision of this Agreement to any person or
circumstance shall be held invalid or unenforceable, the application of such provision or portion of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby.

  
 9.13 No Third Party Beneficiaries. No
provision of this Agreement is intended to, or shall, confer any third-party beneficiary or other rights or remedies upon any person other than the parties hereto. 
  
 [Remainder of page left blank intentionally; signature page follows] 
  

 41 

 IN WITNESS WHEREOF, the parties have executed this Stock Purchase Agreement as of the date first above
written. 
  

									
	 CONSECOINC.
	 	 	 	 OAK HILL CAPITAL PARTNERS, L.P.

				
	By:	 	/s/	 	 	 	 OHCP GenPar, L.P.,
 its general partner

	 	 	 Name:
	 	 	 	 	 	 
	 	 	 Title:
	 	 	 	 By:
	 	 OHCP MGP, LLC,

	 	 	 	 	 	 	 its general partner

					
	 	 	 	 	 	 	By:	 	/s/
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

				
	 	 	 	 	 	 	OAK HILL CAPITAL MANAGEMENT PARTNERS, L.P.
				
	 	 	 	 	 	 	OHCP GenPar, L.P.,
	 	 	 	 	 	 	its general partner
					
	 	 	 	 	 	 	 By:
	 	 OHCP MGP, LLC,

	 	 	 	 	 	 	 its general partner

					
	 	 	 	 	 	 	By:	 	/s/
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

				
	 	 	 	 	 	 	FINANCIAL TECHNOLOGY VENTURES, L.P.
	 	 	 	 	 	 	 By:
	 	FINANCIAL TECHNOLOGY MANAGEMENT, LLC
					
	 	 	 	 	 	 	By:	 	/s/
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  
 [Signature Page
to Stock Purchase Agreement] 
  

			
	FINANCIAL TECHNOLOGY VENTURES (Q), L.P.
	By:	 	FINANCIAL TECHNOLOGY MANAGEMENT, LLC
		
	By:	 	/s/
	 	 	 Name:

	 	 	 Title:

	
	FINANCIAL TECHNOLOGY VENTURES II, L.P.
	By:	 	FINANCIAL TECHNOLOGY MANAGEMENT II, LLC
		
	By:	 	/s/
	 	 	 Name:

	 	 	 Title:

	
	FINANCIAL TECHNOLOGY VENTURES II (Q), L.P.
	By:	 	FINANCIAL TECHNOLOGY MANAGEMENT II, LLC
		
	By:	 	/s/
	 	 	 Name:

	 	 	 Title:

	
	 EXLSERVICE HOLDINGS, INC.

		
	By:	 	/s/
	 	 	 Name:

	 	 	 Title:

  
 [Signature
Page to Stock Purchase Agreement] 
  

  
 EXHIBIT A 

 
 Documents Delivered in Connection with the Contemplated
Transactions1 
  

	 	1.	Plan Termination Agreement and General Release, by and among Conseco, Exl, ExlService Holdings, Exl (India), U.S. Bank as trustee for
[                ], a trust for the benefit of certain beneficiaries set forth on Exhibit A attached thereto and certain employees 

  

	 	2.	Termination Agreement and General Release, by and among Conseco, Exl, ExlService Holdings, Exl (India) and Rohit Kapoor 

  

	 	3.	Termination Agreement and General Release, by and among Conseco, Exl, ExlService Holdings, Exl (India) and Vikram Talwar 

  

	 	4.	Confidentiality and Non-Disparagement Agreement, by and among ExlService Holdings, Conseco, Conseco Insurance Group, Conseco Finance Corp., a Delaware corporation, Bankers
Life and Casualty Company, an Illinois insurance corporation, and Exl (India) 

  

	 	5.	Transition Services Agreement, by and among Conseco Services, LLC, an Indiana limited liability company, Conseco, Exl and Exl (India) 

  

	 	6.	Transition Services Agreement, by and among Conseco Finance Corp., Conseco, Exl and Exl (India) 

  

	 	7.	Trademark Assignment, made by Conseco, in favor of ExlService Holdings 

  

	 	8.	Conseco Services License Agreement, by and between Exl and Conseco 

  

	 	9.	Exl License Agreement, by and between Exl and Conseco 

  

	 	10.	Conseco Trademark License Agreement, by and between Exl and Conseco 

  

	 	11.	Legal Opinion issued by the general counsel of Conseco 

  

	 	12.	Report written by Lazard Frères, financial adviser to Conseco (including documentation related to the cost of the wind-down versus the cost of a sale of Exl)

  

	 	13.	Resignations of certain officers and directors of Exl and Exl (India) 

	1	All the documents listed on this Exhibit A are dated as of the date of this Stock Purchase Agreement. 

  

 Ex-A-1 

	 	14.	Escrow Agreement among Chase Bank, Conseco Services, LLC, Conseco, Exl and Exl (India) 

  

	 	15.	Conseco Board Resolutionsand Management Appointing Restructuring Committee Resolutions which authorize the transaction and evaluate the fairness of the transaction

  

 Ex-A-2

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