Document:

Employment Contract, effective June 1, 2005 - Katy Murray

 Exhibit 10.13 
  
 

 
  
 March 31,
2005 
  
 Katy Murray 
 5445 Caruth Haven Lane #1124 
 Dallas, TX 75224 
  

	Re:	 	Employment Offer Letter 

  

	Dear	 	Katy: 

  
 We are pleased to offer you the position of Chief Financial Officer with ExlService.com, Inc. (“ExlService”) and ExlService Holdings, Inc. (“Holdings” and together with ExlService, the
“Company”). As Chief Financial Officer you will be reporting directly to the Company’s President, and you will be generally responsible for the financial affairs of the Company on a global basis and for duties commensurate with
such position. In addition, (a) you will report, on an as-needed basis, to the Company’s Chief Executive Officer and (b) following the initial public offering (the “IPO”) of the common stock of Holdings, you may be
required from time to time to report directly to the Audit Committee of Holdings’ Board of Directors (the “Board”). 
  
 The annual salary for this position is $260,000.00, payable as per the Company’s payroll policies. Currently, the payroll periods end on the 15th and 30th of each month. Your start date of work with the Company will be a date mutually agreed by you and
the Company that is no later than May 17, 2005. Following the IPO and the annual consolidated gross revenues of Holdings exceeding $100 million, the annual salary for this position will be increased to $275,000.00. While this letter sets forth
the terms and conditions under which you will be employed by the Company, this offer is not to be considered a contract guaranteeing employment for any specific duration. As an at-will employee, both you and, subject to the severance terms in this
letter, the Company, have the right to terminate your employment at any time. 
  
 Simultaneously, you will be an employee of Gevity and required to sign Gevity’s new hire and benefits package. Gevity handles the administrative responsibilities for the Company’s employment-related issues such as payroll and
benefits, while the Company handles the day-to-day activities related to its core business. 
  
 Incentive Compensation: You will be entitled to an annual “Target Bonus”, which will be earned based upon the attainment of targets contained in a management-approved performance matrix,
of $90,000.00. The Target Bonus will be prorated based on your start date if paid out earlier than the completion of one year of uninterrupted service. The terms and conditions of your performance matrix relating to your individual performance shall
be determined jointly with you after the start of your employment. 
  
 350 Park Av, 10th Floor, New York, NY 10022  ̈ Ph: (212) 277-7100  ̈ Fax: (212) 277-7111

 Stock Options: Upon your employment you will be granted stock options to acquire 120,000 shares of Series B
common stock of Holdings upon joining as per terms defined in Holdings’ 2003 Stock Option Plan (as it may be amended or restated from time to time, the “Option Plan”) and a stock option letter which you will receive upon
commencing employment (which terms will be consistent with the terms applicable to all senior management and at an exercise price of $23.75 per share). You will be eligible to participate in any stock split that occurs prior to the IPO. 

 
 Annual performance reviews will be conducted jointly by the Chief Executive Officer and
the President to assess professional development opportunities for you as well as to consider increases to your compensation (including additional equity grants). 
  
 Moving Expenses: The Company will reimburse you for moving expenses on an actual incurrence basis in an amount not to exceed
$25,000.00 within a reasonable period after you submit receipts for such expenses. In addition, the Company will pay for your hotel stay or temporary accommodation in New York in accordance with the Company’s policies for a period not to exceed
the earlier of four calendar weeks following your start date and the time you move into your personal accommodation. 
  
 Benefits: As an employee of the Company, you will be eligible to participate in health, dental, vision, life insurance and disability plans in accordance
with the terms and conditions of those plans. You will become eligible for these plans after 60 days of your start date. The Company will reimburse you for the monthly COBRA premium you will be required to pay to your prior employer in order to
maintain medical and dental insurance coverage for you and your eligible dependents until such time as you become eligible to participate in the Company’s health benefit program. 
  
 You will also be eligible to participate in the Company’s 401(k) plan in accordance with the terms and conditions of such plan.
Under this plan, you can save a percentage of your eligible compensation (subject to IRS maximum limits) through pre-tax payroll deduction. 
  
 You will also be covered by the Company’s director and officer insurance and be indemnified on the same basis as other officers in the Company. 
  
 Vacation and Sick Leave: You will be entitled to four weeks vacation per
calendar year (pro-rated for partial years of employment) to be taken in accordance with the policies in your employee’s package from Gevity. Refer to your Gevity’s employees’ package for sick leave allowances. 
  
 Business Expenses: The Company will pay for or reimburse authorized and proper
business related expenses that you may incur in discharging your duties, upon your submission of suitable receipts therefor and in accordance with the expense reimbursement policy of the Company as in effect from time to time. 
  

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 Proprietary Information Agreement: Prior to commencement of your employment, and in consideration therefor,
you will be required to execute an employment agreement with the Company and Gevity, the terms of which will be consistent with the terms of this letter and Confidentiality and Non-Compete Agreements substantially in the form attached hereto.

  
 Outside Employment: Your position with the Company is a full
time responsibility requiring your full loyalty and dedication. So that you can do your best, we require that you do not work for another employer while you are employed with the Company. Furthermore, the Company prohibits its employees from working
for or investing money in any competitor of the Company or conducting their own business in competition with the Company whether during working hours or after work hours, except as permitted pursuant to Section 2 of the Confidentiality and
Non-Competition Agreement executed on the date hereof. 
  
 Severance: If the Company terminates your employment other than for “Cause” (which is defined below), the Company will pay you, upon execution (and non-revocation during any applicable revocation period) by
you of a standard release of all employment-related claims against the Company and Holdings, a one-time lump sum severance payment, payable within three business days of termination of employment, equal to three (3) months of your base salary
then in effect. In addition, the Company will continue to pay you (per the Company’s payroll policies) your then current base salary for a three-month period commencing on the third month anniversary of termination of employment;
provided, however, that during such three-month severance period you actively seek comparable employment and upon subsequent employment the Company’s obligation to you shall be reduced by any base salary you earn (whether paid
currently or deferred) during such severance period from your subsequent employer. In addition, the Company shall maintain your health and dental insurance coverage until the last day of such foregoing severance period or, if earlier and in respect
of each of health and dental coverage considered separately, until such time as you and your eligible dependents are covered under a future employer’s health or dental insurance coverage. (At the Company’s option such continued health and
dental coverage shall be through its payment of your COBRA premiums for the applicable period and, if the Company elects that method of satisfying this obligation, you agree to timely make any elections required in order to secure COBRA coverage.)

  
 “Cause” shall mean (a) any conviction by a court of law
of, or entry of a pleading of guilty or nolo contendre by you with respect to a felony, other crime involving moral turpitude or any lesser crime a material element of which is fraud or dishonesty; (b) your willful and deliberate
dishonesty of a substantial nature toward the Company or any of its subsidiaries; (c) your failure to obey lawful instructions given to you by the Company’s Chief Executive Officer or President, or by the Board or any authorized committee
thereof (including cooperating fully in any investigation by any governmental authority); (d) theft, fraud, embezzlement or similar conduct by you; (e) use of alcohol or drugs which materially interferes with the performance of your duties
hereunder or which materially compromises your integrity and reputation or the integrity and reputation of 

  

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 the Company or any of its subsidiaries, or that of their respective employees, services or products; (f) your
material, knowing and intentional failure to comply with material applicable laws with respect to the execution of the Company’s and its subsidiaries’ business operations, including, without limitation, a knowing and intentional failure to
comply with the Foreign Corrupt Practices Act of 1997 of the US Congress, as amended (provided, that, if both of the following conditions exist, there will be a presumption that you have acted in accordance with such applicable law:
(i) you are following, in good faith, the written advice of counsel, such counsel having been approved by the Board as outside counsel to the Company for regulatory and compliance matters, in the form of a legal memorandum or a written legal
opinion and (ii) you have, in good faith, provided to such counsel all accurate and truthful facts necessary for such counsel to render such legal memorandum or written legal opinion); or (g) your having breached the representation contained in
the first sentence under the heading “Miscellaneous” below. 
  
 There
will be no severance payment payable if you resign, are terminated by the Company for Cause or because you are unable to perform your duties due to disability, or you die. 
  
 Change in Control Severance: In the event that your employment with the Company is terminated by the Company without Cause
(other than on account of your disability) (a) twelve months after a “Change in Control” (which is defined below) or (b) in specific contemplation of a Change in Control, you shall, upon execution (and non-revocation during any
applicable revocation period) of a standard release of all employment-related claims against the Company, Holdings and their respective subsidiaries and each of their employees, officers and directors be entitled to the following: 
  

	 	(I)	 	a one-time lump sum severance payment, payable within three business days of termination of employment, equal to three (3) months of your base salary then in effect;

  

	 	(II)	 	a continuing payment (per the Company’s payroll policies) of your then current base salary for a three-month period commencing on the third month anniversary of termination of
employment; provided, however, that during such three-month severance period you actively seek comparable employment and upon subsequent employment the Company’s obligation to you shall be reduced by any base salary you earn
(whether paid currently or deferred) during such severance period from your subsequent employer; 

  

	 	(III)	 	 maintenance by the Company of your health and dental insurance coverage for six months following your termination of employment or, if earlier and in respect of
each of health and dental coverage considered separately, until such time as you and your eligible dependents are covered under a future employer’s health or dental insurance coverage. (At the Company’s option such continued health and
dental coverage shall be through its payment of your COBRA premiums for the applicable period 

  

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and, if the Company elects that method of satisfying this obligation, you agree to timely make any elections required in order to secure COBRA coverage.);
and 

  

	 	(IV)	 	immediate vesting as of the termination date of outstanding unvested stock options and other equity grants, in each case that would have vested within one year following such
termination date. 

  
 The term “Change in Control” shall
be used herein as defined in the Option Plan. 
  
 Nothing herein contained shall
require or be deemed to require the Company to segregate, earmark or otherwise set aside any funds or assets to provide for any payments required to be made hereunder, and your right to the compensation set forth under the heading “Change in
Control Severance” shall be solely that of a general, unsecured creditor of the Company. 
  
 Miscellaneous: You represent and warrant to the Company that neither the execution, delivery and performance of this letter agreement and the Confidentiality and Non-Compete Agreement nor the performance
of your duties to the Company, Holdings or any of their affiliates violates or will violate the provisions of any other agreement to which you are a party or by which you are bound. 
  
 Nothing herein contained shall require or be deemed to require the Company to segregate, earmark or otherwise set aside any funds or assets
to provide for any payments required to be made hereunder, and your right to the compensation set forth in this letter agreement shall be solely that of a general, unsecured creditor of the Company. 
  
 The amount of any payment made by the Company to you under the terms of this letter agreement
shall be reduced by any withholdings and other employee deductions as may be required by law or elected by you in accordance with the Company’s benefit plans. 
  
 This letter agreement supersedes any prior oral or written understanding about the terms of your employment with the Company and any change
to such terms must be in writing and signed by you and the Company. 
  
 All issues
and questions concerning the construction, validity, enforcement and interpretation of this letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the conflict of laws principles
of such State. Any dispute regarding this letter agreement shall be resolved by binding confidential arbitration, to be held in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Judgment
upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 
  
 * * * * * * * 
  

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 On your first day of employment you will be provided with information regarding the Company’s policies and general
employment conditions. To fulfill federal identification requirements, you should bring documentation to support your identity and eligibility to work in the United States. Please contact the Company’s HR administrator for specifics.

  
 This letter agreement may be executed and delivered via facsimile in two or
more counterparts, each of which is deemed to be an original, but all of which taken together shall constitute one and the same agreement. 
  
 We hope this job offer demonstrates our commitment to create a flexible and successful partnership that works for both of us. The position of Chief Financial Officer
deserves and requires great commitment from someone of your caliber. I am confident that with you on the team we can accomplish great heights, both now and in the future. 
  
 [Remainder of page intentionally left blank] 
  

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 To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided
below, and return it to me before April 1, 2005. 
  
 Regards, 
  

					
			
	 /s/ Rohit Kapoor
	 	 	 	 /s/ Vikram Talwar

	 Rohit Kapoor
	 	 	 	 Vikram Talwar

	 President & CFO
	 	 	 	 CEO & Vice-Chairman

  
 Accepted: 
  

	
	
	 /s/ Katy Murray

	 Name: Katy Murray

	 Date: March 31, 2005

  
  

 7Form of Company Holder Agreement dated June 30, 2006

 Exhibit 10.30 
 EXECUTION COPY 
 COMPANY HOLDER AGREEMENT 
 COMPANY HOLDER AGREEMENT (this “Company Holder Agreement”), dated as of June 30, 2006, among the holders of Class C-1 Common Stock,
Class C-2 Common Stock (such stock, collectively, the “Company Common Stock”), the holders of options to purchase Company Common Stock (together with holders of Company Common Stock, the “Company Holders”),
ExlService Holdings, Inc., a Delaware corporation, (“Parent”), ExlService Merger Sub Inc., a Delaware corporation (“Merger Sub”) and Inductis, Inc., a Delaware corporation (the “Company”).
Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Merger Agreement (as defined below). 
 WHEREAS, Parent, Merger Sub, the Company and several stockholders of the Company have entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which Merger Sub will be merged with and into the
Company (the “Merger”), with the Company as the surviving corporation in the Merger (the “Surviving Corporation”). 
 WHEREAS, pursuant to the Merger Agreement, Parent will issue certain shares of Parent Common Stock to Company Holders as of the Effective Time and pay such Company Holders cash subject to the terms of, and as set
forth in, the Merger Agreement. At the time of issuance, the Parent Common Stock to be received by the Company Holders will not have been registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance
upon the exemption from registration contained in Section 4(2) of the Securities Act or Regulation D promulgated thereunder. 
 WHEREAS,
it is a condition to the consummation of the Merger that each Company Shareholder execute and deliver this Company Holder Agreement. To induce Parent, Merger Sub and the Company to consummate the Merger, the parties hereby agree as follows:

 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the
following respective meanings: 
 “Affiliate” shall mean as to any Person (a) any Person which directly or indirectly
controls, is controlled by, or is under common control with such Person, and (b) any Person who is a director, officer, partner or principal of such Person or of any Person which directly or indirectly controls, is controlled by, or is under
common control with such Person. For purposes of this definition, “control” of a Person shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by ownership of Voting
Stock, by contract or otherwise. 
 “Board” shall mean the Board of Directors of the Parent as from time to time hereafter
constituted. 

 “Cause” shall mean as defined in any then existing employment, consulting or any other
agreement between any Company Holder and the Parent or an Affiliate or, in the absence of such an employment, consulting or other agreement, the Parent or an Affiliate having “cause” to terminate any Company Holder’s employment or
service upon (i) the good faith determination by the Board that such Company Holder has ceased to perform his duties to the Parent or an Affiliate (other than as a result of his incapacity due to physical or mental illness or injury), which
failure amounts to an intentional and extended neglect of his duties to such party, provided that no such failure shall constitute Cause unless such Company Holder has been given notice of such failure (if cure is reasonably possible) and has not
cured such act or omission within 15 days following receipt of such notice, (ii) the Board’s good faith determination that such Company Holder has engaged or is about to engage in conduct materially injurious to the Parent or an Affiliate,
(iii) such Company Holder having been convicted of, or plead guilty or no contest to, a felony or any crime involving as a material element fraud or dishonesty or (iv) the consistent failure of such Company Holder to follow the lawful
instructions of the Board or his direct superiors, which failure amounts to an intentional and extended neglect of his duties to such party. 
 “Change of Control” means (i) the acquisition by any Person or any group of Persons (other than Oak Hill) acting together which would constitute a “group” (a “Group”) for purposes of
Section 13(d) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or any successor provisions thereto, of beneficial ownership of at least 50% of the aggregate Voting Stock of all classes of voting
securities of the Parent, (ii) the reorganization, merger or consolidation of the Parent with respect to which all of the Persons who were the respective beneficial owners of the Voting Stock of the Parent immediately prior to such
reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50% of the aggregate Voting Stock of the Parent resulting from such reorganization, merger or
consolidation or (iii) the direct or indirect sale or other disposition, in one or a series of transactions, of assets representing all or substantially all of the assets of the Parent to any Person or Group. 
 “Common Stock” shall mean shares of common stock, par value $0.001 per share, of the Parent, as adjusted to reflect any merger,
consolidation, recapitalization, reclassification, split-up, stock dividend, rights offering, reverse stock split or other similar action made, declared or effected with respect to the Common Stock. 
 “Good Reason” shall mean as defined in any then existing employment, consulting or any other agreement between any Company Holder and
the Parent or an Affiliate or, in the absence of such an employment, consulting or other agreement, the occurrence, without such Company Holder’s prior written consent, of any of the following events: 
 (A) a substantial reduction of such Company Holder’s duties or responsibilities; or 
 (B) a breach by the Parent of any material term of any employment, consulting, or other compensatory agreement between such Company Holder
and the Parent; provided that, a termination by such Company Holder with Good Reason shall be effective only 

  

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if, within 30 days following such Company Holder’s first becoming aware of the circumstances giving rise to Good Reason, such Company Holder delivers a
“notice of termination” for Good Reason by such Company Holder to the Parent, and the Parent within 15 days following its receipt of such notification has failed to cure the circumstances giving rise to Good Reason. 
 “Greater Seller Management Stockholder” means, if only one Management Stockholder sells above his Management Sale Allowance, that
Management Stockholder, and if both sell above their Management Sale Allowance, the Management Stockholder exceeding the Management Sale Allowance by the greatest percentage. 
 “Inductis Percentage” shall mean a fraction, the numerator of which is the number of shares of Common Stock then held by any such
Company Holder and the denominator of which is the number of Company Restricted Shares. 
 “Inductis Restricted Shares”
shall mean the number of shares of Common Stock held by the Company Holders as of the date of the Merger Agreement (subject to adjustment following a Capital Change (as defined in the Merger Agreement)), but shall not include restricted shares of
Series B Common Stock of the Parent issued pursuant to Section 2.2 of the Merger Agreement or shares of Common Stock issued pursuant to Section 2.5(d)(i)of the Merger Agreement. 
 “Management Sale Allowance” shall mean during the two years following the date of the Merger Agreement, 33% of the number of shares of
Common Stock held by a Management Stockholder as of March 13, 2006 (subject to adjustment following any Capital Change (as defined in the Merger Agreement)); and during the three years following the date hereof, 66% of the number of shares of
Common Stock held by a Management Stockholder as of March 13, 2006 (subject to adjustment following any Capital Change (as defined in the Merger Agreement)). 
 “Management Stockholder”, shall mean each of Vikram Talwar and Rohit Kapoor. 
 “Oak
Hill”, shall mean Oak Hill Capital Partners, L.P., a Delaware limited partnership, together with Oak Hill Capital Management Partners, L.P., a Delaware limited partnership. 
 “Person” shall mean an individual or a corporation, association, partnership, limited liability company, joint venture, organization,
business, trust, or any other entity or organization, including a government or any subdivision or agency thereof. 
 “Preferred
Stock” shall mean 42,844.23 shares of Preferred Stock of the Parent, $0.001 par value per share. 
 “Public
Offering” shall mean an underwritten public offering and sale of equity securities of the Parent pursuant to an effective registration statement under the Securities Act. 
 “Securities Act” shall mean, as of any date, the Securities Act of 1933 and the rules and regulations promulgated thereunder, as
amended. 
  

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 “Shares” shall mean, collectively, all Preferred Stock and Common Stock of Parent
subject to the Amended and Restated ExlService Holdings, Inc. Stockholders’ Agreement of an even date with the Merger Agreement (the “Stockholders Agreement”) (including Senior Management Restricted Stock and Junior Management
Restricted Stock, as defined therein). 
 “Stockholders Agreement” shall mean the Amended and Restated ExlService Holdings,
Inc. Stockholders Agreement, dated as of an even date with the Merger Agreement. 
 “Transfer” shall mean any transfer,
sale, assignment, pledge, lease, hypothecation, mortgage, gift or creation of security interest, lien or trust (voting or otherwise) or other encumbrance or other disposition of any Shares. “Transferor” and “Transferee” have
correlative meanings. 
 “Voting Stock” shall mean Common Stock or any class or classes of capital stock the holders of
which are ordinarily entitled to vote for the election of corporate directors (or Persons performing similar functions). 
 ARTICLE II

 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 OF THE COMPANY HOLDERS 
 As an inducement to the Parent to enter into the Merger Agreement, each of
the Company Holders represents and warrants as follows: 
 Section 2.1 Capitalization and Interests. I, together with my spouse,
if applicable, and after giving effect to the exercise of the vested Company Options, am the sole beneficial and record owner and holder of the shares of Company Common Stock set forth on Annex II hereof, which at the Effective Time, will be free
and clear of any liens, claims, pledges, options, rights of first refusal, agreements, preemptive rights, limitations on voting rights, charges and other encumbrances of any nature whatsoever (including, without limitation, restrictions on rights of
disposition other than those imposed by applicable securities laws). 
 Section 2.2 Residence. I am an individual residing in the
State listed opposite my name on Appendix II hereof. 
 Section 2.3 Purpose. The Parent Common Stock to be received pursuant to
the Merger Agreement will be acquired for investment for my own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof (except as otherwise permitted by applicable law). I do not presently have any
contract, understanding, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third party with respect to any of the Company Common Stock or, following the consummation of the transactions
contemplated by the Merger Agreement, the Parent Common Stock (except as otherwise permitted by applicable law or as contemplated under the terms of the Merger Agreement). 
  

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 Section 2.4 “Restricted Securities”. I understand that the Parent Common Stock to
be received pursuant to the Merger Agreement will be “restricted securities” under applicable federal and state securities laws. Accordingly I will not make any sale, transfer, or other disposition of such Parent Common Stock unless
(i) such sale, transfer, or other disposition is within the applicable limitations of and in compliance with Rule 144 promulgated by the Securities and Exchange Commission (the “Commission”) under the Securities Act, or (ii) some
other exemption from registration under the Securities Act and any applicable state securities law is available with respect to any such proposed sale, transfer or other disposition of such Parent Common Stock, or (iii) such sale, transfer or
other disposition of Parent Common Stock has been registered under the Securities Act. I have no present intention to sell or otherwise dispose of such Parent Common Stock and am acquiring such Parent Common Stock for investment and not with a view
to resale or distribution. 
 Section 2.5 Additional Information. I have had the opportunity to ask questions of, and obtain any
additional information reasonably available to Parent with respect to its plans, results of operations, financial condition, business, properties, assets or business prospects of Parent, and I have received all such information as I have deemed
necessary and appropriate to enable me to evaluate the risks and merits of the Parent Common Stock to be received pursuant to the Merger Agreement. 
 Section 2.6 Documents Received. I acknowledge that I have previously received (A) a copy of this Company Holder Agreement and the Merger Agreement (including the Exhibits attached thereto), (B) a copy of Parent’s
audited consolidated financial statements for its fiscal years ended December 31, 2003, 2004 and 2005, (C) a copy of Parent’s unaudited consolidated financial statements for its quarters ended March 31, 2005 and 2006 and
(D) a copy of Parent’s Confidential Information Memorandum dated June 30, 2006. 
 Section 2.7 Acceptance of Risk.
I can look after my financial interests in connection with the Merger and I have such knowledge and experience in financial or business matters as to be able to evaluate the merits and risks of the Merger. I am able to suffer a complete loss on my
investment in the Parent Common Stock. 
 Section 2.8 No Solicitation. I am not investing in the Parent Common Stock as a result
of or subsequent to (i) any general solicitation or advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over radio or television or (ii) any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising. 
 Section 2.9 Legend. I understand that all
certificates representing Parent Common Stock deliverable pursuant to the Merger Agreement will bear a legend substantially as follows: 
 “THE SHARES OF EXLSERVICE HOLDINGS, INC. SERIES A COMMON STOCK REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN 

  

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ACCORDANCE WITH THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.” 
 Section 2.10 Stop Transfer Orders. I understand that Parent, in its discretion, may cause stop transfer orders to be placed with its transfer
agent with respect to the certificates for the Parent Common Stock which are required to bear such legend. 
 Section 2.11 Accredited
Investor. I have read the definition of “accredited investor” set forth on Annex I attached hereto and hereby represent (CHECK ONLY ONE OF (A) OR (B)): 
 A.  ̈ I am NOT an “accredited investor”
under that definition. 
 B.  ̈ I am
an “accredited investor” pursuant to one or more of the criteria set forth in that definition. If you check (B), please check on Annex I the specific criteria of the definition of “accredited investor” that apply to you.

 Section 2.12 Representative. I hereby designate Sandeep Tyagi to act as my “Purchaser Representative” as such term
is defined in Rule 501 of Regulation D promulgated under the Securities Act in connection with evaluating the merits and the risks of an investment in the Parent Common Stock. I hereby designate Sandeep Tyagi as my “Representative” as such
term is used in the Merger Agreement and I recognize that the Representative is appointed, authorized and empowered to be the exclusive proxy, representative, agent and attorney-in-fact of myself and of each of the Company Holders, with full power
of substitution and resubstitution (and such power of attorney being deemed to be an irrevocable power coupled with an interest), to undertake all actions and responsibilities as specified in Section 9.6 of the Merger Agreement. All authority
conferred or agreed to be conferred in this Company Holder Agreement and all of my obligations hereunder will be binding upon my successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives (collectively,
“Successors-in-Interest”) and will not be affected by, and will survive, my death, incapacity or bankruptcy. I acknowledge and agree that Parent, the Surviving Corporation, and any other person may conclusively and absolutely rely,
without inquiry, upon any action of the Representative as my action in all matters referred to in the Merger Agreement. I agree that the Representative shall have full power and authority to represent me with respect to all matters arising under the
Merger Agreement and such representation shall be binding upon me, as if expressly confirmed and ratified in writing by me. The Parent and the Surviving Corporation may rely on the Representative as my exclusive agent and shall incur no liability to
any party with respect to any action taken or suffered by it in reliance thereon. 
 Section 2.13 Release. By executing this
Agreement, I hereby release, on my own behalf and on behalf of my successors and assigns, the Company, Merger Sub and Parent, and their respective affiliates, directors, officers, employees, partners, members, agents, advisors and representatives,
and their respective successors and assigns, from any and all claims, actions, causes of action, suits, damages, judgments, expenses, demands and other obligations or liabilities whatsoever, in law or in equity, arising out of, in connection with or
by reason of, the purchase or ownership of the shares of Company Common Stock held by me, the delivery of the 

  

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share certificates surrendered in connection with the Merger, the sale of such Company Common Stock pursuant to the Merger Agreement or the cancellation of
the share certificates surrendered in connection with the Merger in exchange for the right to receive the portion of the Merger consideration allocated to the shares represented by such certificates, including, but not limited to, the allocation of
the kind and amount of the Merger consideration among the shares of capital stock of the Company as described in Section 2.1 of the Merger Agreement; provided that the foregoing shall not release Parent from its obligation to deliver the
allocable portion of the Merger consideration in respect of each share of Company Common Stock formerly represented by the certificate in exchange therefor in accordance with the terms of the Merger Agreement. 
 Section 2.14 Acknowledgement. (a) I acknowledge and understand that the representations, warranties and covenants set forth herein shall
be relied upon by Parent, and its affiliates, counsel and accounting firms, and that substantial losses and damages may be incurred by such persons if those representations, warranties or covenants are breached or are incorrect or untrue. I have
carefully read this Letter, including Annex I attached hereto, and the Merger Agreement and have had an opportunity to discuss the requirements of this Letter with professional advisors to the extent I have deemed it necessary.
(b) Furthermore, I agree and acknowledge that by executing and delivering this Company Holder Agreement, I acknowledge and agree that the indemnification obligations and procedures set forth in Article VIII of the Merger Agreement shall be
binding on me and my Successors-in-Interest to the same extent as if the full text thereof appeared in this Section 2.13 in its entirety and as if I were a signatory to the Merger Agreement. Without limiting the foregoing, I hereby expressly
consent and agree to be subject to the provisions of Sections 8.2, 8.3, 8.6, 8.8 and 8.9 of the Merger Agreement and agree that my right to receive my portion of the Merger Consideration, including any right to receive Earnout Payments, the Upside
Payment and any amounts payable under Section 5.14 of the Merger Agreement shall be subject to the indemnification provisions of Article II of this Company Holder Agreement and Article VIII of the Merger Agreement. (c) Furthermore, I agree
to indemnify, defend and hold harmless the Parent and its Subsidiaries (including the Surviving Corporation), their Affiliates and their respective directors, officers, employees, advisors, successors and assigns (collectively, the “Parent
Indemnified Parties”) from and against any and all claims, losses, liabilities, damages, deficiencies, judgments, assessments, fines, settlements, costs or expenses (including interest, penalties and fees, expenses and disbursements of
attorneys, experts, personnel and consultants) (“Losses”) based upon, arising from or relating to any breach of any representation, warranty or covenant in Article II above. 
 ARTICLE III 
 TRANSFERS 
 Section 3.1 General Restrictions. Except as otherwise permitted herein from and after the consummation of Parent’s initial Public
Offering and the consequent termination of the Stockholders Agreement, no Company Holder shall Transfer, directly or indirectly, all or any portion of his Shares, or rights to income or other attributes with respect to his Shares, it being
understood that any such Transfer or issuance not in accordance with this Section 4.01 or the remainder of Article IV will be deemed to constitute a Transfer by such Company Holder in 

  

 7 

 
violation of this Agreement, shall be void ab initio and the Parent shall not recognize any such Transfer. 
 Section 3.2 Permitted Transfers. Except as otherwise specified herein, the provisions of Section 4.01 shall not apply to the following
Transfers of Shares by a Company Holder (each of which shall be deemed to constitute a “Permitted Transfer,” each Transferee of a Permitted Transfer of Shares being referred to herein as a “Permitted Transferee”): 
 (a) after the first anniversary of the Merger Agreement each such person may make Transfers of up to 33 1/3% of his Inductis Percentage of Inductis
Restricted Shares; after the second anniversary of the Merger Agreement each such Stockholder may make Transfers of up to 33 1/3% of his Inductis Percentage of Inductis Restricted Shares plus any shares of Common Stock that such Stockholder could
have transferred under this Section 4.02(a) after the first anniversary but prior to the second anniversary but did not Transfer; and after the third anniversary of this Agreement each such Stockholder may make Transfers of up to 33 1/3% of his
Inductis Percentage of Inductis Restricted Shares, plus any shares of Common Stock that such Stockholder could have transferred under this Section 4.02(a) after the first anniversary but prior to the third anniversary but did not Transfer. The
Transfer restrictions in this Section 4.02(a) shall terminate: (i) in the event of such Person’s disability or termination of employment with the Parent or its subsidiaries without Cause or for Good Reason or (ii) in the event of
a Change of Control of the Parent. If either Management Stockholder sells in excess of the Management Sale Allowance of such Management Stockholder in effect at any time, then the amount that may be sold pursuant to this Section 4.02(a) by each
Company Holder shall be increased by multiplying the amount that each Company Holder may sell by a fraction, the numerator of which is the cumulative number of shares sold by the Greater Selling Management Stockholder since the date of the Merger
Agreement and the denominator of which is the Management Sale Allowance of the Greater Selling Management Stockholder then in effect. For purposes of determining the total number of shares of Common Stock sold by a Management Stockholder under the
immediately preceding sentence, any sale of stock by the Management Stockholders for the purpose of payment of taxes arising in connection with the exercise of options by the Management Stockholders shall be disregarded. In the event that either
Management Stockholder sells in excess of his Management Sale Allowance in effect at any time, the Parent shall promptly give the Company Holders notice of such sale in accordance with Section 6.03 hereof, which notice shall set forth the
amount that each of Company Holder may sell pursuant to this Section 4.02(a). Notwithstanding anything to the contrary in this Section 4.02(a), if neither Management Stockholder sells in excess of 6% of the aggregate number of shares of
Common Stock held by them as of March 13, 2006 during the first year following the date of the Merger Agreement, then each Company Holder may not sell any Shares held by them during the first year after the date hereof; but if either Management
Stockholder sells in excess of 6% of the aggregate number of shares of Common Stock held by them as of March 13, 2006 during the first year following the date of the Merger Agreement, then each Company Holder may sell, during the first year
after the date hereof, a percentage of the Shares held by them equal to the (i) percentage of shares of Common Stock so held by the Greater Management Stockholder and sold by the Greater Selling Management Stockholder minus (ii) 6%. For
purposes of computing the total number of shares of Common Stock that may be sold by a Company Holder, all sales made by Company Holders and the Management 

  

 8 

 
Stockholders while the Stockholders Agreement was in effect following the date of the Merger Agreement shall be aggregated with sales made after the
consummation of the Parent’s initial Public Offering. 
 (b) Any Transfer of any Earnout Shares (as defined in the Merger Agreement)
made in shares of Common Stock 12 months after receipt thereof; Notwithstanding the aforementioned, the Transfer restrictions in this Section 4.02(b) shall terminate: (i) in the event of such Person’s disability or termination of
employment with the Parent or its subsidiaries without Cause or for Good Reason or (ii) in the event of a Change of Control of the Parent. 
 (c) any Transfer upon the death of such Company Holder through testamentary or intestate disposition; 
 (d) any Transfer with the
consent of the majority of the members of the Board, which shall be granted or withheld in its sole discretion; 
 (e) any Transfer made to
an Affiliate of such Company Holder who remains an Affiliate of such Company Holder after such Transfer; and 
 (f) any Transfer made to the
spouse or lineal descendant of such Company Holder that is an individual or a trust established for the benefit of any of the foregoing; and 
 ARTICLE IV 
 TERMINATION, AMENDMENT AND WAIVER 
 Section 4.1 Termination. This Company Holder Agreement shall terminate and be of no further force and effect upon termination of the Merger
Agreement at any time prior to the Effective Time of the Merger. 
 Section 4.2 Effect of Termination. In the event of
termination of this Company Holder Agreement as provided in Section 5.01, this Company Holder Agreement shall forthwith become void and there shall be no liability on any party hereto and nothing herein shall relieve any party hereto from
liability for any willful breach of this Seller Agreement. 
 Section 4.3 Amendment. This Company Holder Agreement may not be
amended or modified except (a) by an instrument in writing signed by, or on behalf of, the parties hereto or (b) by a waiver in accordance with Section 5.04. 
 Section 4.4 Waiver. Either the Representative or the Parent may (a) extend the time for the performance of any of the obligations or
other acts of the other party, (b) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered by the other party pursuant hereto or (c) waive compliance with any of the
agreements of the other party or conditions to such party’s obligation contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by or on behalf of the party to be bound thereby. Any
waiver of any term or condition shall not be 

  

 9 

 
construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this
Company Holder Agreement. 
 ARTICLE V 
 GENERAL PROVISIONS 
 Section 5.1 GOVERNING LAW. THIS AGREEMENT SHALL BE INTERPRETED,
CONSTRUED AND GOVERNED BY THE DGCL AS TO MATTERS WITHIN THE SCOPE THEREOF, AND AS TO ALL OTHER MATTERS THIS AGREEMENT SHALL BE SHALL BE ENFORCED, GOVERNED AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED BY SUCH STATE. 
 Section 5.2 Consent to Jurisdiction. Each of the parties, and by
their approval of the Merger and the approval of the form of the Merger Agreement and by their execution and delivery of this Company Holder Agreement and of the Letter of Transmittal, submits to the jurisdiction of any state or federal court
sitting in New York County, New York, in any action, suit or proceeding arising out of or relating to this Agreement and/or the Merger Agreement and agrees that all claims in respect of the action or proceeding may be heard and determined in any
such court. Each party also agrees not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each party and each Company Holder waives any defense of inconvenient forum to the maintenance of any action or
proceeding so brought and waives any bond, surety, or other security that might be required of any other party with respect thereto. 
 Section 5.4 Notices. Any notices or other communications required under this Company Holder Agreement shall be in writing and be deemed effectively given (i) upon delivery, if given by hand delivery, (ii) upon
confirmed, facsimile transmission when sent by facsimile during normal business hours of the recipient (or if not so confirmed, the next Business Day) or (iii) the next Business Day, if delivered by a nationally recognized overnight courier.
Any such notices or other communications shall be given at the addresses or facsimile numbers set forth below, with copies provided as follows: 
 if to the Parent or Merger Sub: 
 ExlService Holdings, Inc. 
 350 Park Avenue 
 New York, New York 10022

 Attention: Legal Department 
 Fax: (212) 277-7111 
  

 10 

 with copies to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 
 New York, New York 10019-6064 
 Attention:
Carl Reisner, Esq. 
 Fax: (212) 492-0017 
 if to the Company: 
 Company, Inc. 
 571 Central Ave, Suite 105 
 New Providence,
New Jersey 07974-1547 
 Attention: Sandeep Tyagi 
 Fax: (908) 508-7811 
 with copies to: 
 Lowenstein Sandler PC 
 65 Livingston Avenue

 Roseland, New Jersey 
 Attention: Edward M. Zimmerman, Esq. 
 Fax: (973) 597-2569 
 if to the Company Holders, at each individual address listed in Annex II. 
 or to such other persons or addresses as may be designated in writing by the party to receive such notice as provided above. 
 Section 5.6 Entire Agreement. This Company Holder Agreement, the Merger Agreement, the Company Disclosure Letter and the Parent Disclosure Letter constitute the entire agreement and supersede all other
prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter of this Agreement. 
 Section 5.8 No Third Party Beneficiaries. This Agreement is not intended to confer upon any person other than the parties to this Agreement any rights or remedies under this Agreement. 
 Section 5.10 Severability. The provisions of this Company Holder Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability or the other provisions of this Company Holder Agreement. If any provision of this Company Holder Agreement, or the application of that provision to any person or any circumstance, is
invalid or unenforceable, (a) the parties shall negotiate in good faith a suitable and equitable provision to substitute for that provision in order to carry out, so far as may be valid and enforceable, the intent and purpose of the invalid or
unenforceable provision and (b) the remainder of this Company Holder Agreement and the application of the provision to 

  

 11 

 
other persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of the provision, or the application of that provision, in any other jurisdiction. 
 Section 5.12
Interpretation. This Company Holder Agreement has been negotiated by the respective parties hereto and their attorneys and the language hereof will not be construed for or against either party. A reference to an Article, Section or an Exhibit
or Schedule will mean an Article or Section in, or Exhibits or Schedule to, this Agreement unless otherwise explicitly set forth. The definitions in this Agreement shall apply equally to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. All Schedules and Exhibits attached hereto shall be deemed incorporated herein as if set forth in full herein and, unless otherwise
defined therein, all terms used in any Schedule or Exhibit shall have the meaning ascribed to such term in this Agreement. The words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation.” All accounting terms not defined in this Agreement shall have the meanings determined by U.S. GAAP. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 Section 5.14 Assignment. This Agreement shall not be assignable by operation of law or otherwise, except that the Parent may after the
Effective Time assign its rights hereunder and may prior to the Effective Time designate, by written notice to the Company, a Parent Subsidiary that is wholly owned, directly or indirectly, by the Parent to be merged with and into the Company in
lieu of Merger Sub, in which event all references in this Company Holder Agreement to Merger Sub shall be deemed references to such Parent Subsidiary. 
 Section 5.16 Specific Performance. The parties to this Company Holder Agreement agree that irreparable damage would occur in the event that any of the provisions of this Company Holder Agreement were not
performed in accordance with their specific terms or were otherwise reached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Company Holder Agreement and to enforce specifically
the terms and provisions of this Agreement in any court of competent jurisdiction under this Company Holder Agreement, this being in addition to any other remedy to which they are entitled at law or in equity. 
 IN WITNESS WHEREOF, this Company Holder Agreement has been duly executed and delivered by the duly authorized officers of the parties to this Company
Holder Agreement as of the date first written above. 
  

			
	 EXLSERVICE HOLDINGS, INC.

		
	 By:
	 	 /s/  Rohit Kapoor

	 Name:
	 	 Rohit Kapoor

	 Title:
	 	 President

  

 12 

			
	 EXLSERVICE MERGER SUB INC.

		
	 By:
	 	 /s/  Rohit Kapoor

	 Name:
	 	 Rohit Kapoor

	 Title:
	 	 President

	
	 INDUCTIS, INC.

		
	 By:
	 	 /s/  Max Polaner

	 Name:
	 	 Max Polaner

	 Title:
	 	 Chief Financial Officer

	
	 COMPANY HOLDERS:

	
	 /s/ Sandeep Tyagi

	 Sandeep Tyagi, individually and as Representative

	
	 /s/  Alexander A. Kloubek

	 Alexander A. Kloubek

	
	 /s/  Amanjeet Singh Saluja

	 Amanjeet Singh Saluja

	
	 /s/  Ankor Rai

	 Ankor Rai

	
	 /s/  Anthony Brock

	 Anthony Brock

	
	 /s/  Arnab Dey

	 Arnab Dey

	
	 /s/  Arup Chakraborty

	 Arup Chakraborty

  

 13 

			
	
	 /s/  Brian Paris

	 Brian Paris

	
	 /s/  Brijesh Goyal

	 Brijesh Goyal

	
	 /s/  David Sokal

	 David Sokal

	
	 /s/  Dinesh Chawla

	 Dinesh Chawla

	
	 /s/  Gaurav Gupta

	 Gaurav Gupta

	
	 /s/  Inderpreet Singh Batra

	 Inderpreet Singh Batra

	
	 /s/  Kal Bittianda

	 Kal Bittianda

	
	 /s/  Lalit Wangikar

	 Lalit Wangikar

	
	 /s/  Martin Ahrens

	 Martin Ahrens

	
	 /s/  Max Polaner

	 Max Polaner

	
	 /s/  Melinda L. Wright

	 Melinda L. Wright

	
	 /s/  Puneet Shivani

	 Puneet Shivani

  

 14 

	
	
	 /s/ Raja Sengupta

	Raja Sengupta
	
	 /s/ Ritesh Aggarwal

	Ritesh Aggarwal
	
	 /s/ Siddhesh Karmali

	Siddhesh Karmali
	
	 /s/ Stephen Abseck

	Stephen Abseck
	
	 /s/ Siddhesh Karmali

	Siddhesh Karmali
	
	 /s/ Sudip Chakraborty

	Sudip Chakraborty
	
	 /s/ Vijay Parekh

	Vijay Parekh
	
	 /s/ Vivek Jetley

	Vivek Jetley

 Note: The Registrant has omitted the following annexes to this agreement pursuant to Item 602(b)(2) of
Regulation S-K and agrees to furnish supplementally a copy of any omitted annex to the Securities and Exchange Commission upon request: 
 Annex I

 Annex II 
  

 15

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