Document:

Employment Agreement, dated May 1, 2009 - Vishal Chhibbar

 Exhibit 10.2 
 exlservice.com 
  

			
	
 

	  	
	  	

 PRIVATE AND CONFIDENTIAL 
 May 1, 2009 
 Mr. Vishal Chhibbar 

 20 Banks Avenue 
 Hampton,
Melbourne 
 Victoria – 3188 
 Australia. 
 EMPLOYMENT AGREEMENT 
 Dear Vishal, 
 Further to the recent meetings and discussions you had with us, we are now pleased
to offer you an appointment with exl Service.com (I) Pvt. Ltd. (“the Company”) to the position of Vice President and Chief Financial Officer on the terms and conditions set out herein after: 
  

	1.	EMPLOYMENT 

  

	1.1	 Your effective date of joining (“Joining Date”) shall be no later than 1st June, 2009.

  

	1.2	Your employment with the Company is subject to: 

  

	(i)	the accuracy of the testimonials and information provided by you; 

  

	(ii)	your being free from any contractual restrictions preventing you from accepting this offer or starting work on the above-mentioned date; 

  

	(iii)	on our receiving two satisfactory references; and 

  

	(iv)	if so asked by the Company, your disclosing on your own behalf and, if married, on your spouse’s behalf full details of any external directorships held and any
personal business interests including partnerships, shareholdings and trusteeships; involvement in any other business ventures involving unlimited liability; personal liabilities in connection with business activities; and involvement in other
positions external to the Company and acceptance by the Company of those external interests. 

 If you breach any
of the aforesaid conditions, this offer shall stand revoked automatically (whether you have accepted it or not) and, if you have already commenced employment with the Company, such employment will automatically terminate without giving you any claim
for compensation or damages, but without prejudice to the Company’s rights and remedies against you. 
  

	2.	PLACE OF POSTING 

  

	2.1	Your initial place of posting shall be at Noida, Uttar Pradesh. However, your services are transferable and you may be assigned / transferred in India or outside
India to serve the Company or any of its group companies. It is a condition to your employment that you comply with any such requirements of the Company. The transfer will not deem to constitute a change in your conditions of service.

  

	2.2	Notwithstanding the above, you may however be required to work at any other place that the Company may deem fit and as may be required from time to time. You may also
be seconded, deputed or transferred to any other company associated to the Company whether in India or abroad. 

  

  
 Exl Service.com (I) Pvt. Ltd. 
 A 48, Sector 58, Noida, (UP) 201 301, India Tel. 91 (120) 2445900 Fax 91 (120) 2490304

 Registered Office 103A, Ashoka Estate, Barakhamba Road, New Delhi 110 001, India 

 

 

  

  

	2.3	Your place of work shall change in case of any relocation of the Company’s offices, for which you shall not be entitled to any compensation.

  

	3.	PERFORMANCE OF DUTIES 

  

	3.1	You shall be assigned with all the duties and responsibilities of the Chief Financial Officer and such other duties on behalf of the Company, as may be
reasonably assigned from time to time by the Company’s management. 

  

	3.2	You shall, at all times, be required to carry out the duties and responsibilities assigned to you by the Company, faithfully and diligently and in compliance with the
established policies and procedures, endeavoring to the best of your ability to protect and promote the interests of the Company. 

  

	3.3	You shall not, during the term of your employment, except with the written permission of the Company, engage directly or indirectly, whether part-time or full time, in
any other business, occupation or activity, whether as a principal, agent or otherwise, which will be detrimental, whether directly or indirectly, to the Company’s interests. It is clarified that such written permission as mentioned herein does
not create any right in your favor or obligation on the Company. It shall be on the sole and exclusive discretion of the Company to grant or not to grant such permission. 

  

	3.4	You shall use the office of the Company only for rendering such services for which you have been appointed. 

  

	3.5	You are expected to attend office, except when traveling on business, during the working hours / shifts as may be decided by the Company. The Company practices a
48-hour workweek for all staff and management employees. Actual work timings and shifts may vary from time to time based on business and customer service requirements. 

  

	4.	COMPENSATION 

  

	4.1	 As compensation for services to be rendered, you shall be paid a Basic salary of Rupees 6,187,500.00 per annum. The salary shall be payable
on monthly basis in arrears on or about the last working day of each calendar month, but in no case later than the 7th day of the succeeding calendar month. Other allowances and benefits payable shall be as detailed in Appendix 1 hereto.

  

	4.2	You will be entitled to a signing bonus of Rupees 1,250,000 (Twelve Lakhs and Fifty Thousand) payable within 60 days following your first day of work. As per the
policy of the Company, the signing bonus is regarded as an advance to you for the first 18 months of your employment with the Company and is subject to you remaining actively employed with the Company for at least eighteen months following the
Joining Date. Should you resign without Good Reason (as defined in the Letter Agreement between you and ExlService Holdings, Inc. dated as of June 1, 2009 (the “Letter Agreement”)), or your employment be terminated for Cause
(as defined in the Letter Agreement) prior to completing eighteen months of service with the Company, you will be required to refund this amount to the Company. 

  

	4.3	You will be eligible to receive an annual cash bonus (the “Target Bonus”) in respect of each calendar year equal to 50% of your Fixed Cost, as set
forth on the Annexure on page      (such Fixed Cost, the “Base Salary”), subject to achievement of the following objectives: 

  

	 	•	 	 60% of your total bonus potential shall depend on the achievement of corporate revenue and EBIT targets set each calendar year; and

  

	 	•	 	 40% of your total bonus potential shall depend on achievement of personal objectives set for each calendar year, which will be mutually agreed upon
with the Chief Executive Officer. 

 You may be eligible for a bonus payment in excess of 50% of your Base
Salary, if and to the extent targets and objectives are exceeded, but in no event will your annual bonus exceed 100% of your Base Salary. 
 Your annual bonus will be paid no later than the end of April following the end of the preceding calendar year. You must be actively employed by the Company and must not have previously given notice of
your intention to terminate your employment on the date bonuses are paid to other executives of the Company for you to be eligible for receipt. Any bonus paid in respect of 2009 will be pro-rated to the Joining Date. 
  

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	4.4	The Compensation Committee of the Board of Directors of ExlService Holdings, Inc. will grant you a stock option in respect of 100,000 shares of common stock of
ExlService Holdings, Inc. Your stock option grant will be made under the ExlService Holdings, Inc. 2006 Omnibus Award Plan (the “Omnibus Plan”) on the later of June 1, 2009 and your first day of service as an officer of
ExlService Holdings, Inc. The terms of your stock option grant will be set forth in a definitive award agreement issued to you under the Omnibus Plan on or after your first day as an officer of ExlService Holdings, Inc., and your stock option will
vest and become exercisable as to 10%, 20%, 30% and 40% of the option shares on of the first, second, third and fourth respective anniversaries of the date of grant of the stock option. 

  

	4.5	The payment of all compensation shall be made in accordance with the relevant policies of the Company in effect from time to time, including normal payroll practices,
and shall be subject to income tax deductions at source, as applicable. All requirements under Indian tax laws, including tax compliance and filing of tax returns, assessment etc. of your personal income, shall be fulfilled by you.

  

	4.6	The compensation paid to you has taken into consideration the status and responsibilities of the appointment and as such, you will not be entitled to any other payment
by way of any other allowances. 

  

	4.7	By accepting this offer you authorize the Company to deduct from your remuneration on termination of employment (including salary, salary in lieu of notice, holiday pay
and sick pay, etc.) all debts owed by you to the Company or any of its group companies or any fine imposed by the Company as a discretionary penalty pursuant to the Company’s disciplinary procedure. 

  

	5.	CONFIDENTIALITY 

  

	5.1	The term “Confidential Information” shall include all information, whether written or oral, that is not known by, or not generally available to, the public at
large and that concerns the business, activities, financial affairs, trade secrets, technology of the Company or otherwise relates to the Company, in any manner whatsoever, its customers, their clients, suppliers and other businesses or entities,
with whom the Company does business, which may come to your knowledge or possession during the tenure of your employment with the Company. You shall hold such Confidential Information in trust and confidence and not disclose or divulge such
Confidential Information to any other person or entity or use any such Confidential Information for your own benefit or the benefit of any other party, unless so authorized by the Company or required to be so disclosed or divulged in the course of
the proper execution of your duties. You agree to sign the ‘Confidentiality and Non Compete Agreement’ in the form annexed to this letter. 

  

	5.2	You undertake not to make copies or duplicates of any Confidential Information or other sensitive property or materials of the Company, including but not limited to
keys, access cards, diskettes, programs, photographs or such other proprietary information relating to the Company’s business. 

  

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	5.3	You shall keep strictly confidential, details of your salary and employment benefits within and outside the Company. 

  

	5.4	You agree and confirm that the terms and conditions of this Clause 5 shall survive the termination or discontinuation of your services with the Company.

  

	6.	INTELLECTUAL PROPERTY RIGHTS 

 You shall be required to disclose promptly, completely and in writing to the Company any discovery, invention, methodology or improvements made thereto, process, software applications or products, conceived, developed or discovered by you,
either individually or jointly with others, during your employment (“Inventions”) and such Inventions whether or not patent applications are filed thereon shall at all time belong absolutely to and be the sole and absolute property of the
Company. You agree to treat such Inventions as Company proprietary and confidential and to use such Inventions solely for the benefit of the Company. You agree to assign to the Company any and all rights, title and interest, including, but not
limited to, copyrights, trade secrets and proprietary rights to the Inventions, information, materials, products and deliverables developed during the performance of services to the Company. You agree that all the work performed by you and all
Inventions, information, materials, products and deliverables developed by you while in the employment of the Company shall be the exclusive property of the Company and all title and interest therein shall vest in the Company. All such Inventions,
information, materials, products and deliverables shall be deemed to be “works made for hire” under the United States Copyright Laws. If and when required by the Company, you shall at the Company’s expense take out or apply for
letters patent, licenses or other rights, privileges or protection, as may be directed by the Company in respect of such Inventions, so that the benefit thereof accrues to the Company. You shall execute and do all instruments, acts, deeds and other
things, which may be required by the Company for assigning, licensing any Inventions made during the employment, which shall vest with the Company including the name and all benefits arising in respect thereof. 
 Pursuant to its exclusive proprietary rights, the Company shall have the sole and exclusive right inter-alia to use, modify or adapt the
Inventions, information, materials, products or deliverables developed by you during the performance of your services as an employee of the Company. 
  

	7.	Disciplinary Action Procedure 

 Any breach of the Company’s Code of Conduct, failure to attain or maintain a satisfactory work standard or any misconduct by an employee will be regarded as a disciplinary or capability matter. Your immediate superior will normally
deal with minor disciplinary matters. The procedure for more serious offences including major misconduct shall be as set out under the Code of Conduct. 
  

	8.	Code of Conduct 

 You
shall abide and be bound by the Company’s Code of Conduct, and the Code of Conduct will form a part of this contract of employment. The Code of Conduct may be changed at any time at the discretion of the Company and the changed Code of Conduct
shall thereupon bind you. You will also carry out and abide by any instruction, policy issued by the Company from time to time. 
  

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	9.	TERMINATION OF EMPLOYMENT AND RETIREMENT 

  

	9.1	At any stage of your employment, you may terminate your employment without Good Reason (as defined in the Letter Agreement) by giving three months notice in writing to
the Company or in lieu thereof a sum equal to the amount or pro-rated amount of salary which would have accrued to you during the period or remaining period of notice. If the Company terminates your employment without Cause, the Severance provisions
in the Letter Agreement will apply. 

  

	9.2	After either you or the Company have given the other party notice of your termination of employment, you shall cooperate with the Company, as reasonably requested by
the Company, to effect a transition of your responsibilities and ensure that the Company is aware of all matters being handled by you. The Company reserves the right not to relieve you of your employment in the event that all the Company’s
documents / property / Confidential Information in your custody have not been properly handed over by you to an authorized representative of the Company. 

  

	9.3	Upon termination of your employment with the Company for any reason, you shall promptly return to the Company any keys, credit cards, passes, confidential documents or
material, or other property belonging to the Company, and return all writings, files, records, correspondence, notebooks, notes and other documents and things (including any copies thereof) containing Confidential Information or relating to the
business or proposed business of the Company or its subsidiaries or affiliates. 

  

	9.4	The Company reserves the right during any period of notice of termination of employment to exclude you from the premises of the Company, or to require you to carry out
specified duties at premises other than those referred to in paragraph 3.1 above, or to carry out no duties, and to instruct you not to communicate with clients, employees, agents or representatives of the Company until your employment has been
terminated, provided that you will continue to be paid and to enjoy normal contractual benefits during any such period. You will not be entitled to engage in any other employment, work or business during the notice period. 

 

	9.5	 You shall retire on your 58th birthday or the last day before that, if your birthday does not fall on a working day. 

 

	9.6	Notwithstanding anything contained in clause 9.1, the Company reserves the right to terminate your employment for Cause (as defined in the Letter Agreement) without
giving any notice period or pay in lieu thereof. 

  

	10.	RELOCATION 

  

	10.1	The Company will provide you with a monthly housing reimbursement for your family in Melbourne, Australia, not to exceed Rupees 100,000 per month. The monthly
housing reimbursement will end on December 31, 2009. You will be solely responsible for any tax liability arising from the housing allowance. 

 The Company will also provide a total of four round trip and four one way business class airfare tickets for travel between Melbourne, Australia and New Delhi, India for you and your family. 

The Company will also reimburse you up to Rupees 500,000 for actual documented moving expenses incurred by the relocation of your personal
effects from Melbourne, Australia to New Delhi, India. 
 We will provide up to Rupees 50,000 to help cover any documented costs
of tax filing and tax advisory services you incur before the first anniversary of your Joining Date. 
  

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	11.	OTHERS 

  

	11.1	You will be bound by the Code of Conduct of the Company and all other rules, regulations, instructions, policies and orders issued by the Company from time to time, in
relation to your conduct, discipline and service conditions such as leave, medical, retirement, etc. as if these Code of Conduct, rules, regulations, instruction, policies etc. were part of this agreement. 

  

	11.2	You shall inform the Company as soon as possible about any change in your residential address. 

  

	11.3	The provisions of this agreement shall be construed and governed in accordance with the laws of India. 

 Kindly sign and return the duplicate copy of this letter, as a token of your acceptance of the terms and conditions set out herein. Also, please initial
each page of the letter. 
 Please note that by signing this letter agreement, you have agreed to accept the employment with the Company on the
terms and conditions set out herein. Upon your signature and return to us, this offer letter will be treated as an employment agreement and the terms and conditions of this agreement shall govern your employment with the Company. 
 This offer shall automatically stand revoked in the event of your not joining the Company on or before the date mentioned in this employment offer and
agreement. 
 It is a pleasure to welcome you as a member of exl Service.com (India) Private Limited. We are confident that your employment with
the Company will prove mutually beneficial & rewarding, and we look forward to having you join us. 
 Yours truly, 
 for exl Service.com (I) Pvt. Ltd. 
  

	
	 /s/ Amitabh Hajela

	 Amitabh Hajela

	 Vice President & Global Head of HR

 I accept the offer on the terms and conditions as described in this letter. 
  

	
	 /s/ Vishal Chhibbar

	Vishal Chhibbar
	
	5th May, 2009
	Date

  

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 Appendix 1 
 COMPENSATION & BENEFITS 
  

	 	•	 	 You shall be eligible for House Rent Allowance of 60% of your annual basic salary. The Company may provide Company Leased Accommodation in
accordance with its internal policies, where the cost to the company shall be limited to the above mentioned amount. 

  

	 	•	 	 As per the policies and procedures of the Company, you shall be eligible for leave travel concession of 8.33% of your annual basic salary.

  

	 	•	 	 You shall be entitled to avail Medical Reimbursements of up to Rupees 15,000.00 per annum, against actual medical expenses on self and
family, subject to your providing bills/invoices/other documentary evidence in respect of the same. 

  

	 	•	 	 You shall receive an Ad-hoc Allowance of Rupees 1,301,462.00 per annum, which will be paid in accordance with the prevailing policy of the
Company. 

  

	 	•	 	 The Company shall provide you with a car commensurate with your job and position. The annual cost of providing this car shall not exceed Rupees
750,000.00 per annum. 

  

	 	•	 	 You shall be provided with superannuation benefits of Provident Fund and Gratuity in accordance with the applicable statutory requirements.

  

	 	•	 	 You shall be covered under a comprehensive medical insurance coverage (under Mediclaim Policy) for self, spouse, 2 dependent children and personal
accident insurance coverage as per the Company policy for self only. 

 Notes: 
  

	 	•	 	 The cost to the Company for the above mentioned benefits will be limited to the amount mentioned hereinabove. If any of the above-mentioned benefits
becomes chargeable to tax because of any reason whatsoever, it is hereby clarified that it would be your responsibility to pay the taxes, if any. The Company will, in no case, be responsible for the same. 

  

	 	•	 	 The benefits under the above schemes will be governed by the Company’s rules and regulations framed in this regard. It is the absolute discretion
of the management to decide whether any particular benefit will be provided to you or not. 

  

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 Business Related Expenses 
 You shall be reimbursed business related expenses as per the following specifications and annualized limits. 
 Vehicle Running and Maintenance: Actual expenses incurred towards petrol / diesel and maintenance of vehicle shall be reimbursed up to a maximum of
Rupees 120,000.00 per annum. This will be reimbursed to you on production of bills. 
 Driver’s Wages: Actual expenses
incurred towards paying wages to your driver shall be reimbursed up to a maximum of Rupees 108,000.00 per annum. This will be reimbursed upon submission of stamped receipt from your driver and a copy of his driving license. 

Details of Business Related Expenses policy shall be explained after your joining. 
  

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 CONFIDENTIALITY AND NON COMPETITION AGREEMENT 
 As a condition of my provision of services to or on behalf of exl Service.com (I) Pvt. Ltd. or any of its affiliates (hereinafter referred to
“the Company”), I make the following statements with the understanding and intent that they be relied on by the Company in entering into an agreement and by the Company in extending its offer of employment. I acknowledge and understand
that in providing services to and on behalf of the Company, I will have access to Confidential and Proprietary Information (as defined hereunder). 
 I understand that the term “Confidential and Proprietary Information” shall include all information, whether written or oral, that is not known by, or not generally available to, the public at large and that concerns the business,
activities, financial affairs, trade secrets, technology of the Company or otherwise relates to the Company, in any manner whatsoever, its customers, their clients, suppliers and other businesses or entities, with whom the Company does business,
which may come to your knowledge or possession during the tenure of your employment with the Company. 
 I agree that during the period in which
I provide services to the Company: 
  

	1.	I will use my best efforts and exercise the utmost diligence in keeping confidential, all Confidential and Proprietary Information, including but not limited to
innovations, processes, methodologies, software applications or products, business and strategic plans and initiatives, financial information and similar information unless lawfully made available by a client or the Company concerning any client of
the Company or by the Company itself which I may learn, acquire or get possession of, during the course of or by virtue of my provision of consulting services to the Company. I will use such materials and information relating to Confidential and
Proprietary Information solely for the benefit of the Company and its clients and will not use such information for any other entities or persons. At the conclusion of my relationship with the Company I will return any material relating to
Confidential and Proprietary Information and any copies thereof. 

  

	2.	I agree not to keep at any time on my person or in my possession, except in the necessary performance of my duties, any non- public material acquired by me, whether
produced by me or by employees or agents of the Company or any client. I agree to safeguard all such Confidential and Proprietary Information materials while they are in my possession, and to surrender them and all copies, which have been made of
them to the Company upon termination of my relationship with the Company. 

  

	3.	I will at all times exercise discretion in discussing with others the affairs of clients, avoiding unnecessary identification of names, places, and other specifics, and
I will take reasonable precautions to make sure that such discussions cannot be overheard, and electronic communications cannot be intercepted either by client’s employees or outside persons. 

  

	4.	I will not make any private use of Confidential and Proprietary Information that may come to my attention because of my employment with the Company, nor will I pass
such Confidential and Proprietary Information on to anyone else. I understand the term “use” includes, but is not limited to, anyone’s purchase or sale of securities influenced by such Confidential and Proprietary Information, access
to which is directly or indirectly due to my relationship with the Company. 

  

	5.	 I agree to disclose and assign promptly, completely and in writing to the Company any inventions, whether or not patentable, and including but not
limited to, any innovations on processes, methodologies, software applications or products which I discover, conceive and/or develop, either individually or jointly with others, during the term of my professional relationship with the Company
(“Inventions”). I understand that all inventions which I do hereby assign are and shall become the exclusive property of the Company, whether or not patent applications are filed thereon, and I agree to treat such inventions as Company

  

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proprietary and confidential information and to use such solely for the benefit of the Company. I hereby assign to the Company any and all rights, title and interest, including, but not limited
to, copyrights, trade secrets and proprietary rights to the information, materials, products and deliverables developed during the performance of services to the Company. All work I perform in my professional capacity and all information, materials,
products and deliverables developed by me in acting as a consultant to the Company shall be the exclusive property of the Company and all title and interest therein shall vest in the Company. All such information, materials, products and
deliverables shall be deemed to be “works made for hire” under the United States Copyright Laws. Pursuant to its exclusive proprietary rights, the Company shall have the sole and exclusive right inter alia to use, modify or adapt the
information, materials, products or deliverables that I developed during the performance of services as a consultant to the Company. I agree to provide all necessary assistance required to perfect such assignment of rights defined in this provision.

  

	6.	I will not for a period of two years after the termination of this agreement, whether voluntarily or involuntarily (a) directly or indirectly solicit to provide or
provide, without the prior written consent of the Company, any professional services such as those provided by the Company for anyone who is a client of the Company anytime during the twelve months prior to my leaving the Company and for whom I
provided any service as an employee of the Company or (b) directly or indirectly, without the prior written consent of the Company, solicit for employment with myself or any Company or entity with which I am associated, any employee of the
Company or otherwise disrupt, impair, damage, or interfere with the Company’s relationship with its employees. The non-compete provisions of this paragraph will not apply to a client of the Company for whom I performed services or with whom I
had significant professional contact prior to joining the Company and which list of clients I have disclosed to the Company prior to my joining. 

  

	7.	If I am directed by any governmental agency or judicial forum or asked to testify concerning any matter learned in the course of services provided to or on behalf of
the Company, I will immediately notify the Company before making any disclosures. 

  

	8.	I further agree that in the event of termination of this agreement, or my employment with the Company, whether of my own volition or otherwise, for a period of two
(2) year thereafter, I shall not directly or indirectly, provide any services to or take up employment with any of the existing customers of the Company. 

  

	9.	That in the event I am found to be in breach of this agreement, or my employment contract with the Company, I shall be liable to pay to the Company a sum equivalent to
the remuneration / compensation received by me, from the Company, in the last three months immediately preceding the termination. This will in no way effect the other rights which the Company may have against me, especially the right to obtain
injunctive relief against me. 

  

					
	 	 	 /s/ Vishal Chhibbar
	 	 
		 	Vishal Chhibbar	 	
		 	5th May, 2009	 	

  

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 Annexure 
  

			
	 Name-Vishal Chhibbar
	  	
	 Date of Joining
	  	June 1, 2009
	 Designation - Chief Financial Officer
	  	
		
	 Basic (45% of CTC)
	  	6,187,500
	 Housing - 60% of Basic
	  	3,712,500
	 Leave Travel - 8.33% of Basic
	  	515,419
	 Medical
	  	15,000
	 Ad-Hoc Allowance
	  	1,301,462
		
	 Business Related Expenses
	  	
	 Vehicle Running & Maintenance
	  	120,000
	 Driver’s Wages
	  	108,000
		
	 Company Car
	  	750,000
		
	 Retirals
	  	
	 Provident Fund -12% of Basic
	  	742,500
	 Gratuity - 4.81% of Basic
	  	297,619
		
	 Fixed Cost
	  	13,750,000Letter Agreement, effective June 1, 2009 - Vishal Chhibbar

 Exhibit 10.3 
 EXLSERVICE HOLDINGS, INC. 
 May 1, 2009 
 Mr. Vishal Chhibbar 
 20 Banks Avenue

 Hampton, Melbourne 
 Victoria –
3188 
 Australia 
 Re: Letter
Agreement 
 Dear Vishal: 
 This
Letter Agreement (the “Letter Agreement”) is in addition to the employment letter dated May 1, 2009, pursuant to which you were hired by exlService.com (India) Private Limited (“Exl India”) effective on
June 1, 2009, (the “Employment Letter”). 
 Effective June 1, 2009, you will be appointed to the position of Vice
President and Chief Financial Officer of ExlService Holdings, Inc. (the “Company”), the parent company of Exl India and this Letter Agreement is between you and the Company. As Chief Financial Officer of the Company, you will be
reporting directly to the Company’s President and Chief Executive Officer, or such other person designated by the Company. 
 The offer of
continued employment contained in the Employment Letter is not to be considered a contract guaranteeing employment for any specific duration. 
 Annual performance reviews by the President and Chief Executive Officer of the Company will be conducted to assess professional development opportunities as well as to consider increases to your compensation (including, without limitation,
increasing Base Salary (as defined in the Employment Letter) and the percentage Target Bonus (as defined in the Employment Letter) as well as granting of additional options or other forms of equity compensation). 
 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. The
foregoing right of indemnification shall not be exclusive of any right to Indemnification to which you may be entitled under the Company’s Articles of Incorporation or By-Laws, as a matter of law or otherwise, or any other power that the
Company may have to indemnify you or hold you harmless. 
 Severance: If Exl India terminates your employment other than for
“Cause” (defined below) or you resign for “Good Reason” (defined below), subject to the execution (and non-revocation during any applicable revocation period) of a mutually agreeable release of all employment-related claims
against the Company and its subsidiaries and each of their

  

			
	Private & Confidential	  	1

 
employees, officers and directors (a “Release”), you shall be entitled to severance payments equal to twelve (12) months Base Salary (as defined in the Employment Letter)
then in effect, paid in twelve (12) monthly installments beginning thirty-one (31) days following your termination of employment. The Release must be executed and become irrevocable within thirty (30) days following your termination
of employment for you to be eligible for any payment in accordance with this paragraph. 
 If Exl India terminates your employment for Cause or
you resign voluntarily other than for Good Reason, you will not be entitled to any further compensation or payments under this Letter Agreement. 
 “Cause” shall mean (A) a final non-appealable conviction of, or a pleading of no contest to, (i) a crime of moral turpitude which causes serious economic injury or serious injury to the Company’s
reputation or (ii) a felony; or (B) fraud, embezzlement, gross negligence, self-dealing, dishonesty or other gross and willful misconduct which has caused serious and demonstrable injury to the Company; (C) material violation by you
of any material Company policy; (D) willful and continuing failure to substantially perform your duties (other than for reason of physical or mental incapacity) which failure to perform continues beyond fifteen (15) days after a written
demand for substantial improvement in your performance, identifying specifically and in detail the manner in which improvement is sought, is delivered to you by the Company; provided that a failure to achieve performance objectives shall not by
itself constitute Cause and no act or failure to act by you shall be considered “willful” unless done or failed to be done by you in bad faith and without a reasonable belief that your actions or omission was in the best interest of the
Company; (E) your failure to reasonably cooperate in an investigation involving the Company by any governmental authority; (F) your material, knowing and intentional failure to comply with applicable laws with respect to the execution of
the Company’s business operations, including, without limitation, a knowing and intentional failure to comply with the Prevention of Corruption Act of India, 1988, or the United States Foreign Corrupt Practices Act of 1977, as amended;
provided, that, if all of the following conditions exist, there will be a presumption that you have acted in accordance with such applicable laws: you are following, in good faith, the written advice of counsel, such counsel having been
approved by the Board of Directors of the Company as outside counsel to the Company for regulatory and compliance matters, in the form of a legal memorandum or a written legal opinion, and 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; (G) your failure to follow the lawful directives of the Board which is not remedied within fifteen (15) days after your
receipt of written notice from the Company specifying such failure; or (H) your use of alcohol or drugs which materially interferes with the performance of your duties. 
 “Good Reason” shall mean the occurrence, without your prior written consent, of any of the following events: (A) a substantial reduction of your duties or responsibilities or
change in reporting relationship to anyone other than the Company’s Board of Directors, or the President and Chief Executive Officer, (B) your job title as an officer of the Company is adversely changed, provided that if there is a
“Change of Control” (as defined in the ExlService Holdings, Inc. 2006 Omnibus Award Plan) and you retain similar title

  

			
	Private & Confidential	  	2

 
and similar authority with the Company or any entity that acquires the Company (or any affiliate or subsidiary of such entity) following such Change of Control, the parties agree that any change
in your title shall not constitute a significant reduction of your duties and authorities hereunder; (C) a reduction of your then Base Salary or annual cash bonus opportunity other than a proportionate reduction impacting all members of the
Executive Committee of the Company; or (D) a breach by the Company of any material term of the Employment Letter or this Letter Agreement; provided that, a termination by you with Good Reason shall be effective only if, within 30 days following
your first becoming aware of the circumstances giving rise to Good Reason, you deliver a “Notice of Termination” for Good Reason by you to the Company, and the Company within 15 days following its receipt of such notification has failed to
cure the circumstances giving rise to Good Reason. 
 Change of Control: 
 In the event that a Change in Control occurs at a time when any portion of restricted stock or a stock option remains unvested, then effective upon the
consummation of the Change in Control, the vesting of the portion of the restricted stock or stock option which is not then fully vested shall accelerate such that any portion of the of restricted stock or stock option which would have become vested
during the one-year period following the Change in Control shall become vested effective as of the consummation of the Change in Control. In the event that (i) your employment with the Company is terminated without Cause (a) at any time
following a Change in Control or (b) in specific contemplation of a Change in Control or (ii) you resign with Good Reason at any time following a Change of Control, you shall, upon and subject to your execution (and non-revocation during
any applicable revocation period) of a mutually agreeable Release, be entitled, in addition to the severance specified above, to immediate full vesting as of the termination date of any portion of restricted stock or a stock option which is unvested
as of the termination date. 
 Clawback: If Exl India terminates your employment for Cause or you resign voluntarily other than
for Good Reason, in either case within eighteen (18) months following your date of hire, you will be required to repay to the Company within thirty days following your termination of employment (i) the relocation allowance detailed in
Section 10.1 of the Employment Letter, (ii) the sign-on bonus described in Section 4.2 of the Employment Letter and (iii) the cost to the Company of the travel assistance detailed in Section 10.1 of the Employment Letter.

 Section 409A: The parties intend that any amounts payable hereunder that could constitute “deferred
compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder (“Section 409A”), will be compliant with Section 409A. In light of
the uncertainty as of the date hereof with respect to the proper application of Section 409A, you and the Company agree to negotiate in good faith to make amendments to the Employment Letter and this Letter Agreement as the parties mutually
agree are necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. Notwithstanding the foregoing, you shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on
you or for your account in connection with the Employment Letter and this Letter Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify or otherwise
hold you (or any beneficiary) harmless from any or all of such taxes or penalties. 
  

			
	Private & Confidential	  	3

 Notwithstanding anything in the Employment Letter or this Letter Agreement to the contrary, in the event
that you are deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and you are not “disabled” within the meaning of Section 409A(a)(2)(C), no payments hereunder that are “deferred
compensation” subject to Section 409A shall be made to you prior to the date that is six (6) months after the date of your “separation from service” (as defined in Section 409A) or, if earlier, your date of death.
Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date. For purposes of Section 409A, each of the payments that may be made under the section
entitled “Severance” are designated as separate payments for purposes of Treasury Regulations Section 1.409A-1(b)(4)(i)(F), 1.409A-1(b)(9)(iii) and 1.409A-1(b)(9)(v)(B). 
 For purposes of the Employment Letter and this Letter Agreement, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A,
references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A. 
 To the extent that any reimbursements pursuant to the Employment Letter or this Letter Agreement are taxable to you, any such reimbursement payment due to
you shall be paid to you as promptly as practicable, and in all events on or before the last day of your taxable year following the taxable year in which the related expense was incurred. Such reimbursements are not subject to liquidation or
exchange for another benefit, and the amount of such benefits and reimbursements that you receive in one taxable year shall not affect the amount of such benefits or reimbursements that you receive in any other taxable year. 
 Any payment made to you in respect of the continuation of any health and dental insurance coverage under the Employment Letter (to the extent such payments
are treated as “deferred compensation” within the meaning of Section 409A) shall be paid as soon as practicable following submission of the claims but in any event not later than the third calendar year following the calendar year in
which your “separation from service” (as defined in Section 409A) occurs. 
 It is intended that any indemnification payment or
advancement of expenses made hereunder shall be exempt from Section 409A. Notwithstanding the foregoing, if any indemnification payment or advancement of expenses made hereunder shall be determined to be “deferred compensation” within
the meaning of Section 409A, then (i) the amount of the indemnification payment or advancement of expenses during one taxable year shall not affect the amount of the indemnification payments or advancement of expenses during any other
taxable year, (ii) the indemnification payments or advancement of expenses must be made on or before the last day of your taxable year following the year in which the expense was incurred, and (iii) the right to indemnification payments or
advancement of expenses hereunder is not subject to liquidation or exchange for another benefit. 
 Business Expenses: 

The Company will pay for or reimburse you for authorized and proper business-related expenses that you may incur in discharging your duties. 

 

			
	Private & Confidential	  	4

 Covenant Not to Compete: 
 You acknowledge that the services you are to render to the Company are of a special and unusual character, with a unique value to the Company, the loss of
which cannot adequately be compensated by damages or an action at law. In view of the unique value to the Company, its subsidiaries and affiliates (collectively, the “Group”) of the services of you for which the Company has
contracted hereunder, because of the confidential information to be obtained by, or disclosed to, you as herein above set forth, and as a material inducement to the Company to enter into this Letter Agreement and to pay to you the compensation
stated herein and any additional benefits stated herein, and other good and valuable consideration, you covenant and agree that during your employment and during the “Non-Competition Period,” as defined below, you shall not, directly or
indirectly, enter into the employment of, tender consulting or other services to, acquire any interest in (whether for your own account as an individual proprietor, or as a partner, associate, stockholder, officer, director, trustee or otherwise),
or otherwise participate in any business that competes, directly or indirectly, with any member of the Group (i) in the same lines of business in the business process outsourcing industry that the members of the Group are engaged in at the time
your employment is terminated, or if you are an employee of any member of the Group, at the time you are accused of being in competition with any of the Group pursuant to this Letter Agreement; (ii) in the provision of the business processes
provided by the Group at the time your employment is terminated, or if you are an employee of any member of the Group, at the time you are accused of being in competition with any member of the Group pursuant to this Letter Agreement; (iii) in
the provision of business processes that any of the Group has taken substantial steps to provide to customers at the time your employment is terminated, or if you are an employee of any of the Group, at the time you are accused of being in
competition with any of the Group pursuant to this Letter Agreement; or (iv) in the provision of business processes that any of the Group are in the process of marketing to existing or potential clients that any of the Group are taking measures
to retain as clients of the Group, at the time your employment is terminated, or if you are an employee of any of the Group, at the time you are accused of being in competition with any of the Group pursuant to this Letter Agreement, during your
employment with the Group. You and the Company acknowledge that clauses (ii), (iii) and (iv) in the immediately preceding sentence shall not be deemed or interpreted to narrow or otherwise limit the scope of clause (i) of such
sentence. For purposes of this Letter Agreement, the “Non-Competition Period” shall be the one year period following your termination of employment for any reason. 
 Notwithstanding the foregoing, nothing in this Letter Agreement shall prevent (A) the purchase or ownership by you of up to two percent (2%) in the aggregate of any class of securities of any
entity if such securities (i) are listed on a national securities exchange or (ii) are registered under Section 12(g) of the Securities Exchange Act of 1934; or (B) the direct or indirect ownership of securities of a private
company, provided that, you are only

  

			
	Private & Confidential	  	5

 
a passive investor in such company (having no role, duty or responsibility whatsoever in the management, operations or direction of such company) and own no more than five percent (5%) in
the aggregate of any securities of such company. If your employment with the Company is terminated for any reason, and after such termination you wish to take any action, including without limitation, taking a position with another company, which
action could potentially be deemed a violation of this Letter Agreement, you shall have the right, after providing the Board with all relevant information, to request a consent to such action from the Board which consent shall not be unreasonably
withheld. The Board shall respond to your request by granting or denying such consent within not more than 30 calendar days from the date the Company receives written notice of such request from you. If you disagree with the Board’s decision
relating to the consent, then a third-party arbitrator (the “Arbitrator”) shall be appointed within five (5) days of the date you notify the Company of your disagreement, and the third party Arbitrator shall be instructed to
make a determination with respect to whether your action would constitute a legally valid and enforceable violation of this Letter Agreement within not more than thirty (30) days following his appointment and such determination shall be binding
on all of the parties hereto. The cost of the Arbitrator shall be borne by the Company; provided, however, if the Arbitrator’s determination is inconsistent with your position, then the cost of the Arbitrator shall be borne by you. 

Confidential Information: 
 Protection of Confidential Information. You acknowledge that the Group has a legitimate and continuing proprietary interest in the protection of their confidential information and that they have invested substantial sums and will
continue to invest substantial sums to develop, maintain and protect such confidential information. During your employment with the Group and at all times thereafter, you shall not, except with the written consent of the Company or in connection
with carrying out your duties or responsibilities hereunder, furnish or make accessible to anyone or use for your own benefit any trade secrets, confidential or proprietary information of any member of the Group, including their business plans,
marketing plans, strategies, systems, programs, methods, employee lists, computer programs, insurance profiles and client lists; provided, however, that such protected information shall not include either information required to be disclosed
under law or pursuant to an order of a court, governmental agency, arbitration panel or other person or body with apparent jurisdiction or information known to the public or otherwise in the public domain without violation by you of this Letter
Agreement. 
 Property of the Company. All memoranda, notes, lists, records and other documents or papers (and all copies thereof)
relating to the Group, whether written or stored on electronic media, made or compiled by or on behalf of you in the course of your employment, or made available to you in the course of your employment, relating to any of the Group, or to any entity
which may hereafter become an affiliate thereof, but excluding your personal effects, rolodexes and similar items, shall be the property of the Company, and shall, except as otherwise agreed by the Company, be delivered to the Company promptly upon
the Termination of your employment with the Company or at any other time upon request. 
  

			
	Private & Confidential	  	6

 Non-Disparagement; Non-Solicit: 
 During your employment with the Group and for a period of one (1) year thereafter you shall make no unfavorable, disparaging or negative comment, remark or statement, whether written or oral (a
“Disparaging Statement”), about the Company or any of its affiliates, officers, directors, shareholders, consultants, or employees; provided that you may give truthful testimony before a court, governmental agency, arbitration
panel, or similar person or body with apparent jurisdiction and may discuss such matters in confidence with your attorney(s) and other professional advisors. During the foregoing period, the Company and its officers and directors (acting in their
capacity as officers and directors of the Company) shall make no disparaging statement about you; provided that any officer or director may give truthful testimony before a court, governmental agency, arbitration panel, or similar person or body
with apparent jurisdiction and may discuss such matters in confidence with their or the Company’s attorney(s) and other professional advisors. 
 For one year following termination of your employment (i) you may not solicit, encourage, or induce or attempt to solicit, encourage, or induce any (A) current employee, marketing agent, or consultant of any of the Group to
terminate his or her employment, agency, or consultancy with any member of the Group or any (B) prospective employee with whom the Company has had discussions or negotiations within six months prior to your termination of employment not to
establish a relationship with any of the Group, (ii) induce or attempt to induce any current customer to terminate its relationship with any of the Group or (iii) induce any potential customer with whom the Company has had discussions or
negotiations within six months prior to your termination of employment not to establish a relationship with any of the Group. 
 You shall use
your best efforts to perform faithfully, efficiently and in compliance with the established policies and procedures and the responsibilities and duties assigned to you. You shall always act in the best interests of the Group. 
 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 ask that you do not work for another employer while still 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 Company working hours or after Company work hours. 
 Miscellaneous: 
 You represent and warrant to the Company that neither the execution, delivery and performance of this Letter Agreement and the non-disclosure and non-compete
agreement nor the performance of your duties to the Company or any Group company violates or will violate the provisions of any other agreement to which you are a party or by which you are bound. 
  

			
	Private & Confidential	  	7

 Vishal, we hope this job offer demonstrates our commitment to create a flexible and successful partnership
that works for both of us. The job deserves and requires total commitment from you. We are confident that with you on the team we can reach great heights, both now and in the future. 
 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 arbitrator(s) may be entered in any court having jurisdiction thereof. 
 This Letter Agreement may be executed an 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. 
 To indicate your acceptance of the terms of this agreement, please sign and date this Employment Letter in the space provided
below on or before May 4, 2009, and return it to the undersigned on behalf of the Company. 
  

					
	Regards,	 		 	
			
	   /s/ Rohit Kapoor
	 		 	   /s/ Vikram Talwar

	 Rohit Kapoor
 President and
Chief Executive Officer
	 		 	 Vikram Talwar
 Executive
Chairman

 Accepted: 
  

	
	   /s/ Vishal Chhibbar

	Vishal Chhibbar
	
	Date: 5th May, 2009

  

			
	Private & Confidential	  	8

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