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EXHIBIT 10.35

SUPER MICRO COMPUTER, INC.
RESTRICTED STOCK UNITS AGREEMENT

Super Micro Computer, Inc., a Delaware corporation (the “Company”) has granted to the Grantee named in the Notice of Grant of Restricted Stock Units (the “Notice”) to which this Restricted Stock Units Agreement (the “Agreement”) is attached an award consisting of Restricted Stock Units (the “RSUs”) subject to the terms and conditions set forth in the Notice and this Agreement.  The award has been granted pursuant to and shall in all respects be subject to the terms and conditions of the Super Micro Computer, Inc. 2020 Equity and Incentive Compensation Plan (the “Plan”), the provisions of which are incorporated herein by reference.
i.Grant of Restricted Stock Units.  Subject to the terms and conditions of the Plan and the terms and conditions hereinafter set forth, pursuant to authorization under resolutions of the Committee, the Company hereby confirms to the Grantee the grant of RSUs in an amount as set forth in the Notice, effective as of the Date of Grant set forth the Notice.
2.    Payment of RSUs.  The RSUs shall become payable if the RSUs have vested and the Grantee’s right to receive payment for the RSUs becomes nonforfeitable (“Vest,” “Vesting” or “Vested”) in accordance with the Notice.
3.    Vesting of RSUs.  Subject to the terms and conditions of Section 4 and Section 5 of this Agreement, the RSUs shall Vest in accordance with the Vesting Schedule on the Vesting Dates as set forth in the Notice, only if the Grantee’s Service has not terminated before the applicable Vesting Date. 
4.    Effect of Change in Control.  In the event of a Change in Control, subject to approval by the Committee, the surviving, continuing, successor, or purchasing entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of the Grantee, assume or continue in full force and effect the Company’s rights and obligations under all or any portion of the outstanding RSUs or substitute for all or any portion of the outstanding RSUs substantially equivalent rights with respect to the Acquiror’s stock.  For purposes of this Section, an RSU shall be deemed assumed if, following the Change in Control, the RSU confers the right to receive, subject to the terms and conditions of the Plan and this Agreement, the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of Common Stock on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if such consideration is not solely common stock of the Acquiror, the Committee may, with the consent of the Acquiror, provide for the consideration to be received upon settlement of the RSU to consist solely of common stock of the 
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Acquiror equal in Market Value per Share to the consideration received by holders of Common Stock pursuant to the Change in Control.  The RSUs shall terminate and cease to be outstanding effective as of the time of consummation of the Change in Control to the extent that RSUs subject to this Agreement are neither assumed or continued by the Acquiror in connection with the Change in Control nor settled as of the time of the Change in Control.
5.    Forfeiture of RSUs.  In the event that the Grantee’s Service is terminated for any reason or no reason, with or without Cause, prior to any applicable Vesting Date: (a) any RSUs that have not Vested pursuant to the Notice shall be forfeited automatically and without further notice on such date of termination, and (b) the Company shall automatically reacquire all such RSUs and the Grantee shall not be entitled to any payment therefor.
6.    Form and Time of Payment of RSUs.  Subject to Section 5 and Section 10, payment for Vested RSUs shall be made in Common Stock on the applicable Settlement Date following the applicable Vesting Date specified in the Notice.  Except to the extent provided by Section 409A of the Code and permitted by the Committee, no Common Stock may be issued to the Grantee at a time earlier than otherwise expressly provided in this Agreement.  The Company’s obligations to the Grantee with respect to the RSUs shall be satisfied in full upon the issuance of Common Stock corresponding to such Vested RSUs.
7.    RSUs Not Transferable.  Subject to Section 15 of the Plan, none of the RSUs nor any interest therein or in any Common Stock underlying such RSUs shall be transferable prior to the issuance of Common Stock on the applicable Settlement Date, other than by will or the laws of descent and distribution.
8.    Adjustments.  The number of and kind of shares of Common Stock covered by the RSUs and the other terms and conditions of the grant evidenced by this Agreement are subject to mandatory adjustment as provided in Section 11 of the Plan.
9.    Withholding Taxes.  
(a)    If the Company is required to withhold federal, state, local or other national taxes or other amounts in connection with the Grantee’s right to receive Common Stock under this Agreement, and the amounts available to the Company for such withholding are insufficient, it shall be a condition to the receipt of any such Common Stock (or the realization of any other benefit provided for under this Agreement) that the Grantee timely make arrangements satisfactory to the Company for payment of the balance of such taxes or other amounts (such amounts, collectively, the “Tax Withholdings”).
NAI-1513339684v7 

(b)    Unless otherwise determined by the Committee, the Tax Withholdings shall be satisfied by the Company’s retention of a portion of the Common Stock provided for under this Agreement, by deducting from the Common Stock otherwise deliverable to the Grantee in settlement of the RSUs a number of whole shares of Common Stock having a fair market value, as determined by the Company as of the date on which the Tax Withholdings obligation arises, not in excess of the amount of such Tax Withholdings determined by the applicable minimum statutory withholding rates (unless higher withholding amounts would not result in adverse accounting implications for the Company and are authorized by the Committee, and the total amount withheld does not exceed the Grantee’s estimated tax obligations attributable to the settlement of the RSUs).
(c)    If the Grantee is not an officer for purposes of Section 16 of the Exchange Act, then, alternatively, unless otherwise determined by the Company, the Grantee may, in addition to the withholding method set forth in Section 9(b), satisfy such Tax Withholdings (i) by paying the Company cash via personal check, wire transfer, or other means of immediate electronic payment, (ii) by the Grantee’s surrender of Common Stock that he or she has owned, or (iii) in accordance with procedures established by the Company providing for delivery by the Grantee to the Company or a broker approved by the Company of properly executed instructions, in a form permitted and approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to Common Stock that he or she already owned or some or all of the Common Stock acquired upon settlement of the RSUs provided for under this Agreement, in each case subject to compliance with applicable law and the Company’s insider trading policy and procedures, provided in each case that the Grantee provides the Company adequate notice of such election in accordance with the Company’s then-applicable policies and procedures.
10.    Compliance with Law; Restrictions on Grant of the RSUs and Issuance of Shares.  The grant of the RSUs and issuance of shares of Common Stock upon settlement of the RSUs shall be subject to compliance with all applicable requirements of federal, state or other national law with respect to such securities.  Notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any of the Common Stock covered by this Agreement if the issuance thereof would result in violation of any applicable federal, state or other national securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Common Stock may then be listed.   The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares subject to the award of RSUs shall relieve the Company of any liability in respect 
NAI-1513339684v7 

of the failure to issue such shares as to which such requisite authority shall not have been obtained.  As a condition to the settlement of the RSUs, the Company may require the Grantee to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.
11.    No Right to Future Awards; Right to Terminate Service.  This RSU award is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards.  No provision of this Agreement shall limit in any way whatsoever any right that the Company or a Subsidiary may otherwise have to terminate the Grantee’s Service at any time.
12.    Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit‐sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan of the Company or a Subsidiary.
13.    Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable to this Agreement; provided, however, that no amendment shall materially impair the rights of the Grantee with respect to the Common Stock or other securities covered by this Agreement without the Grantee’s consent.  Notwithstanding the foregoing, the limitation requiring the consent of the Grantee to certain amendments shall not apply to any amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or Section 10D of the Exchange Act.
14.    Severability.  In the event that one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of this Agreement shall continue to be valid and fully enforceable.
15.    Clawback.  The RSUs may be subject to clawback in accordance with the Plan and the Company’s recoupment policy as may be in effect from time to time.
16.    Electronic Delivery.  The Company may, in its sole discretion, deliver any documents related to the RSUs and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system 
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established and maintained by the Company or another third party designated by the Company.
17.    Governing Law.  This Agreement is made under, and shall be construed in accordance with, the internal substantive laws of the State of Delaware and venue shall be exclusively in the applicable court in Santa Clara County, California, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.
18.    Successors and Assigns.  Without limiting Section 7 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company.
19.    Acknowledgement and Agreement.  By electronically accepting the Notice, the Grantee: (a) acknowledges receipt of and represents that the Grantee has read and is familiar with the Notice, this Agreement, the Plan and a prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares issuable pursuant to the award, (b) accepts the award subject to all of the terms and conditions of the Notice, this Agreement and the Plan and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Notice, this Agreement or the Plan.
20.    Counterparts.  The Notice with this Agreement may be executed in one or more counterparts, all of which together shall constitute but one Agreement.
21.    Section 409A of the Code.  To the extent applicable, it is intended that the settlement of the RSUs be exempt from Section 409A of the Code under the “short-term deferral” exemption, or otherwise comply with Section 409A of the Code, and this Agreement shall be interpreted, operated and administered in a manner consistent with this intent.  The Company makes no representation or covenant to ensure that the RSUs, settlement of the RSUs or other payment hereunder are exempt from or compliant with Section 409A of the Code and shall have no liability to the Grantee or any other party if the settlement of the RSUs or other payment hereunder that is intended to be exempt from, or compliant with, Section 409A of the Code, is not so exempt or compliant or for any action taken by the Company with respect thereto.  Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and shall also include any regulations or any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.
22.    Relation to the Plan.  In the event of any inconsistency between the provisions of the Notice, this Agreement and the Plan, the Plan shall govern.
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23.    Definitions.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Notice and the Plan.  As used in this Agreement:
(a)    “Cause” means any of the following: (i) the Grantee’s theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of any Company or Subsidiary documents or records; (ii) the Grantee’s material failure to abide by the Company’s or a Subsidiary’s code of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct); (iii) the Grantee’s unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of the Company or a Subsidiary (including, without limitation, the Grantee’s improper use or disclosure of the Company’s or a Subsidiary’s confidential or proprietary information); (iv) any intentional act by the Grantee which has a material detrimental effect on the Company’s or a Subsidiary’s reputation or business; (v) the Grantee’s repeated failure to perform any reasonable assigned duties after written notice from the Company or a Subsidiary of, and a reasonable opportunity to cure, such failure; (vi) any material breach by the Grantee of any employment, service, non-disclosure, non-competition, non-solicitation or other similar agreement between the Grantee and the Company or a Subsidiary, which breach is not cured pursuant to the terms of such agreement; or (vii) the Grantee’s conviction (including any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or which impairs the Grantee’s ability to perform his or her duties with the Company or a Subsidiary.
(b)    “Service” shall mean the Grantee’s employment or service with the Company or a Subsidiary, whether as an employee, a Director or a consultant or similar individual who provides services to the Company or any Subsidiary that are equivalent to those typically performed by an employee (provided that such person satisfies the Form S-8 definition of “employee”).  Unless otherwise provided by the Committee, the Grantee’s Service shall not be deemed to have terminated merely because of a change in the capacity in which the Grantee renders Service or a change in the Company or Subsidiary for which the Grantee renders Service, provided that there is no interruption or termination of the Grantee’s Service.  Furthermore, the Grantee’s Service shall not be deemed to have been interrupted or terminated if the Grantee takes any military leave, sick leave, or other bona fide leave of absence approved by the Company.  However, unless otherwise provided by the Committee, if any such leave taken by the Grantee exceeds ninety (90) days, then on the ninety-first (91st) day following the commencement of such leave the Grantee’s Service shall be deemed to have terminated, unless the Grantee’s right to 
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return to Service is guaranteed by statute or contract.  Notwithstanding the foregoing, unless otherwise designated by the Company or required by law, an unpaid leave of absence shall not be treated as Service for purposes of determining Vesting under this Agreement.  The Grantee’s Service shall be deemed to have terminated either upon an actual termination of Service or upon the business entity for which the Grantee performs Service ceasing to be a Subsidiary.  Subject to the foregoing, the Company, in its discretion, shall determine whether the Grantee’s Service has terminated and the effective date of and reason for such termination.
(c)    “Settlement Date” shall mean, with respect to a RSU, the date(s) on which such RSU becomes Vested as provided by this Agreement (each such date, an “Original Settlement Date”); provided, however, that if the tax withholding obligations, if any, of the Company or a Subsidiary, shall not be satisfied by the share withholding method described in Section 9(b) and an Original Settlement Date would occur on a date on which a sale by the Grantee of the shares to be issued in settlement of the Vested RSUs would violate the Trading Compliance Policy of the Company, then the Settlement Date for such Vested RSUs shall be deferred until the next day on which the sale of such shares would not violate the Trading Compliance Policy, but in any event on or before the 15th day of the third calendar month following the calendar year of an Original Settlement Date. 
NAI-1513339684v7Exhibit 10.1

 

PAYOFF AND TERMINATION AGREEMENT

 

THIS PAYOFF AND TERMINATION AGREEMENT (this “Agreement”)
is made as of August 27, 2021 (the “Effective Date”), by and between ExlService Holdings, Inc., a Delaware corporation
(the “Company”), and Orogen Echo LLC, a Delaware limited liability company (“Orogen”). Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them set forth in the Indenture, dated as of October 4,
2018 (the “Indenture”), by and between the Company and Citibank, N.A., as trustee (the “Trustee”).

 

RECITALS:

 

WHEREAS, the Company has issued to Orogen 3.50%
Convertible Senior Notes, due October 1, 2024, in the principal amount of $150,000,000 (the “Notes”), pursuant to the
terms of the Indenture and that certain Investment Agreement, dated as October 1, 2018, by and between the Company and Orogen (the “Investment
Agreement” and, together with the Indenture and the Notes, the “Transaction Documents”);

 

WHEREAS, the Company and Orogen wish to agree,
notwithstanding anything to the contrary in the Transaction Documents, to a negotiated private exchange and prepayment of the Notes, pursuant
to which the Company shall (i) make a cash payment in the amount of $200,000,000.00, plus accrued and unpaid interest on the Notes
through, and including, August 26, 2021, to Orogen on the date hereof (the “Cash Amount”), and (ii) deliver 310,394
shares of Common Stock through the Depository to Orogen on the date hereof (the “Share Amount” and together with the
Cash Amount, the “Negotiated Payoff Amount”) in connection with such exchange and prepayment; and

 

WHEREAS, Orogen is willing to accept an exchange
and prepayment of the Notes by the Company in the amount and form of the Negotiated Payoff Amount (defined above), on and subject to the
terms and conditions set forth in this Agreement, which terms include, among other things, the payment of the Cash Amount and the delivery
of the Share Amount by the Company to Orogen on the date hereof as described below; and

 

WHEREAS, effective upon the consummation of the
transactions contemplated hereby, the Company and Orogen will have no obligations under the Transaction Documents except as specified
below;

 

NOW THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows:

 

 1.      Negotiated
Exchange and Payoff.

 

(a)     
Notwithstanding anything to the contrary in the Transaction Documents, the parties agree that, in exchange for the cancellation
and settlement of the Notes in full, the Company shall (x) pay the Cash Amount to Orogen by wire transfer of immediately available funds
to the account designated on Exhibit A attached hereto, by no later than 3:00 p.m., New York City time, on the Effective Date and
(y) deliver the Share Amount to Orogen through the Depositary to the account designated on Exhibit A attached hereto on or prior
to the Effective Date.

 

    1

     

    

 

(b)     
Provided that (i) no default by either the Company or Orogen has occurred under this Agreement and (ii) the Company has otherwise
timely complied with its obligations in Section 1(a), Orogen agrees that the payment and delivery by the Company to Orogen of the
Negotiated Payoff Amount shall serve as full satisfaction of the Company’s obligations under the Notes and the Indenture.

 

(c)     
The Company and Orogen hereby agree that, upon the Company’s payment and delivery of the Negotiated Payoff Amount in accordance
with the terms of this Agreement (i) the Notes and Indenture shall terminate automatically and be of no further force or effect, subject
to any final documentation or certification as may be required by the Trustee to evidence the same; (ii) as between the parties,
all outstanding debts, liabilities and obligations due to Orogen under the Notes and Indenture shall be satisfied in full, and the Company
shall be released and discharged from any and all obligations, covenants and agreements under the Notes and Indenture; and (iii) the Company
is authorized to issue to the Trustee a cancellation order authorizing and directing the Trustee to cancel the Notes. In addition, neither
the Company nor Orogen will have any further rights or obligations under the Investment Agreement, except that the following provisions
will continue in effect in accordance with their terms: Section 4.01 (Taking of Necessary Action), 4.05 (Lost, Stolen, Destroyed or Mutilated
Securities), 4.06 (Antitrust Approval), 4.08 (No Inconsistent Arrangements), 4.11 (Section 16 Matters), 4.12 (D&O Indemnification
etc.), 4.14 (Information Rights), Article V (Registration Rights), and Article VI (Miscellaneous).

 

2.      
Taxes Upon Issuance of the Share Amount. The Company shall pay any documentary, stamp or similar issue or transfer tax or
duty due on the issue of the Share Amount pursuant to this Agreement.

 

3.      
Restrictions on Transferability. The Common Stock issued to Orogen under this Agreement is subject to a ninety (90) day
lock-up restriction pursuant to the terms set forth on Exhibit B hereto.

 

4.      
Registration Rights. For the avoidance of doubt, the shares of Common Stock delivered pursuant to this Agreement shall constitute
 “Subject Securities” for purposes of Article 5 of the Investment Agreement.

 

 5.      Representations and Warranties.

 

(a)     
Orogen represents and warrants to the Company and their successors and assigns that (i) the execution of this Agreement has been
duly and validly authorized on behalf of Orogen and this Agreement constitutes the valid, binding and enforceable obligation of Orogen
in accordance with its terms, (ii) it has relied upon its own independent analysis of all relevant matters, including, without limitation,
the value of the Cash Amount and the Share Amount, in determining to enter into this Agreement and has not relied upon the representation
or warranty of the Company with respect thereto in determining to enter into this Agreement, (iii) Orogen is the owner of the Notes, and
(iv) the execution, delivery and performance of this Agreement by Orogen and the compliance by Orogen with any of the provisions hereof
and thereof will not conflict with, violate or result in a breach of any provision of, or constitute a default under, or result in the
termination of or accelerate the performance required by, or result in a right of termination or acceleration under, (A) any provision
of Orogen’s organizational documents, (B) any mortgage, note, indenture, deed of trust, lease, license, loan agreement or other
agreement binding upon Orogen or (C) any permit, government license, judgment, order, decree, ruling, injunction, statute, law, ordinance,
rule or regulation applicable to Orogen or any of its Affiliates (as defined in the Investment Agreement), other than in the cases of
clauses ‎(B) and ‎(C) as would not reasonably be expected to materially and adversely affect or delay the consummation of the
transactions contemplated hereby. The representations and warranties set forth in this Section 5(a) shall survive the Effective
Date.

 

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(b)     
The Company represents and warrants to Orogen, its successors and assigns that (i) the execution of this Agreement has been duly
and validly authorized on behalf of the Company and this Agreement constitutes the valid, binding and enforceable obligations of the Company
in accordance with its terms, (ii) it has relied upon its own independent analysis of all relevant matters, including, without limitation,
the value of the Cash Amount and the Share Amount, in determining to enter into this Agreement and has not relied upon the representation
or warranty of Orogen with respect thereto in determining to enter into this Agreement, (iii) the shares of Common Stock comprising the
Share Amount shall be validly issued, fully paid, non-assessable and free of pre-emptive or similar rights, and (iv) the execution, delivery
and performance of this Agreement and the issuance of the Share Amount do not conflict with, violate or result in a breach of any provision
of, or constitute a default under, or result in the termination of or accelerate the performance required by, or result in a right of
termination or acceleration under, (A) the certificate of incorporation or bylaws of the Company, (B) the Credit Agreement, dated as of
November 21, 2017, by and among the Company, its Subsidiaries party thereto and the lenders party thereto, as amended, or any other mortgage,
note, indenture, deed of trust, lease, license, loan agreement or other agreement binding upon the Company or any of its Subsidiaries,
(C) any other “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) to which the Company
or any of its Subsidiaries is a party and was filed or was required to be filed with the Company Reports (as defined in the Investment
Agreement) or (D) any permit, government license, judgment, order, decree, ruling, injunction, statute, law, ordinance, rule or regulation
applicable to the Company or any of its Subsidiaries, other than in the cases of clauses ‎(B), ‎(C) and ‎‎(D) as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (as defined in the Investment Agreement)
and would not materially affect the Company’s ability to comply with its obligations under this Agreement. The representations and
warranties set forth in this Section 5(b) shall survive the Effective Date.

 

(c)     
The Company represents and warrants to Orogen that the Conversion Rate on the date hereof is 13.3333 shares of Common Stock per
$1,000 principal amount of the Notes.

 

6.      
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto
had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof
hereof it shall only be necessary to produce one such counterpart.

 

7.      
Governing Law.

 

(a)     
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to
any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Delaware. In addition, each of the parties hereto irrevocably agrees that any
legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement
of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its
successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom
within the State of Delaware (or, solely if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any
state or federal court within the State of Delaware). Each of the parties hereto hereby irrevocably submits with regard to any such action
or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid
courts and agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement
in any court other than the aforesaid courts. Each of the parties hereto hereby irrevocably waives, and agrees not to assert as a defense,
counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (i) any claim that it is not personally subject
to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with this ‎Section 7(a),
(ii) any claim that it or its property is exempt or immune from the jurisdiction of any such court or from any legal process commenced
in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution
of judgment or otherwise) and (iii) to the fullest extent permitted by the applicable law, any claim that (A) the suit, action or proceeding
in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement,
or the subject matter hereof, may not be enforced in or by such courts. Each of the parties hereby agrees that service of any process,
summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 8 shall be effective service
of process for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby.

 

    3

     

    

 

(b)     
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY MAKES THIS WAIVER VOLUNTARILY
AND SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS CONTAINED IN THIS ‎SECTION
7(B).

 

8.      
Notices. All notices and other communications hereunder shall be in writing and shall
be deemed to have been duly given if delivered personally, sent by overnight courier or sent via email (with receipt confirmed) as follows:

 

(a)     
If to Orogen, to:

 

Orogen Echo
LLC

One Rockefeller Plaza

Suite 3200

New York, NY 10020

Attention: Shannon Bell

Email: bell@orogengroup.com

 

With a copy (which shall not constitute actual
or constructive notice) to:

 

Davis Polk
 & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Louis Goldberg

Email: louis.goldberg@davispolk.com

 

With a copy (which shall not constitute actual or constructive
notice) to:

 

c/o Atairos
Management, L.P.

620 Fifth Avenue

New York, NY 10020

Attention: David Caplan

Email: d.caplan@atairos.com

 

    4

     

    

 

(b)    
If to the Company, to:

 

ExlService Holdings,
Inc.

320 Park Avenue,
29th Floor

New York, New York 10022

Attention: Maurizio Nicolelli, Chief Financial Officer

Email: maurizio.nicolelli@exlservice.com

 

With a copy (which shall not constitute actual or constructive
notice) to:

 

McGuireWoods
LLP

201 N. Tryon St. 

Charlotte, North
Carolina 28202

Attention: Rakesh Gopalan

Email: rgopalan@mcguirewoods.com

 

9.     
Entire Agreement; Amendment. This Agreement embodies the entire understanding between the parties hereto with respect to
the subject matter hereof and supersedes all prior communications, written or oral, with respect hereto. The terms and conditions hereof
may not be modified, altered or otherwise amended except by an instrument in writing executed by the Company and Orogen.

 

10.    
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, legal representatives, successors, successors in title and assigns.

 

11.   
Severability. If any provision of this Agreement shall, to any extent, be invalid or unenforceable, the remainder of this
Agreement shall not be affected thereby, and every provision of this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

 

12.   
Expenses. Except as provided herein, each party hereto shall bear its own costs and expenses (including attorneys’
fees) incurred in connection with this Agreement and the transactions contemplated hereby.

 

13.   
Public Announcements. The initial press release related to this Agreement and the transactions contemplated hereby shall
be a joint press release to be agreed upon by the Company and Orogen. Thereafter, either party may issue or make one or more press releases
or public announcements related to this Agreement or the transactions contemplated hereby (in which case the other party shall (to the
extent permitted by applicable law) have the right to review and reasonably comment on such press release or announcement prior to issuance,
distribution or publication); provided that the foregoing shall not apply to any press release or other public announcement to
the extent that it contains substantially the same factual information related to this Agreement and the transactions contemplated hereby
as previously communicated publicly by one or more of the parties in accordance with this ‎Section 13. Without limiting the
foregoing, the Company may file this Agreement with the SEC and may provide information about the subject matter of this Agreement in
connection with equity or debt issuances, share repurchases, or marketing, informational or reporting activities.

 

14.   
Electronic Signatures. Any signature (including any electronic symbol or process attached to, or associated with, a contract
or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record) hereto or to any other
certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means
shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to
the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act,
and the parties hereby waive any objection to the contrary.

 

[Signature pages follow.]

 

    5

     

    

 

IN WITNESS WHEREOF, this Agreement has been executed
by the parties hereto or by their respective duly authorized officers, all as of the date first written above.

 

 

	 	ExlService Holdings, Inc.
	 	 
	 	By:	/s/ Maurizio Nicolelli
	 	Name: Maurizio Nicolelli
	 	Title: Chief Financial Officer

 

(Signature page to Payoff and Termination Agreement)

 

    

     

    

 

Orogen Echo LLC

 

By: The Orogen Group, LLC, as

sole member

 

	By:	/s/ VIKRAM S. PANDIT	 
	Name: Vikram S. Pandit	 
	Title: Principal	 

 

(Signature page to Payoff and Termination Agreement)

 

    

     

    

 

Exhibit A

 

Wire/Common Stock Delivery Instructions

 

    

     

    

 

Exhibit B

 

Lock-Up Agreement

 

Capitalized terms used but not defined in this
Exhibit B shall have the meanings given to them under the Investment Agreement.

 

During the period from the Effective Date through
and until the date that is ninety (90) days thereafter (as used in this Exhibit B, the “Restricted Period”),
notwithstanding the Registration Rights, provided in the Transaction Documents, Orogen shall not, without the Company’s prior written
consent, directly or indirectly, (x) sell, offer, transfer, assign, mortgage, hypothecate, gift, pledge or dispose of, enter into or agree
to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, pledge, mortgage, hypothecation,
gift, encumbrance, assignment or similar disposition of (any of the foregoing, a “transfer”), the shares of Common
Stock issued to Orogen pursuant to the Share Amount (the “Restricted Shares”) or enter into a transaction which would
have the same effect or (y) enter into or engage in any hedge, swap, short sale, derivative transaction or other agreement or arrangement
that transfers to any Third Party, directly or indirectly, in whole or in part, any ownership of, or interests in, the Restricted Shares,
whether any such aforementioned transaction is to be settled by delivery of shares of Common Stock or other securities, in cash or otherwise
(such actions in clauses (x) and (y), “Prohibited Transfers”), other than, in the case of clause (x), Permitted Transfers.
 “Permitted Transfers” shall mean any (i) transfer to a Third Party for cash solely to the extent that all of the net
proceeds of such sale are solely used to satisfy a bona fide margin call (i.e., posted as collateral) pursuant to a Permitted Loan,
or repay a Permitted Loan to the extent necessary to satisfy a bona fide margin call on such Permitted Loan or avoid a bona
fide margin call on such Permitted Loan, (ii) transfer with the prior written consent of the Company, (iii) tender of any Common Stock
into a Third Party Tender/Exchange Offer, as defined below, and any transfer effected pursuant to any merger, consolidation or similar
transaction consummated by the Company or (iv) distribution in kind to Orogen’s or its Affiliates’ limited or other partners,
members or other equityholders in connection with the winding up or dissolution of Orogen or any of its Affiliates, so long as, in the
event of any such distribution to Comcast or any of its Subsidiaries, each such Person executes and delivers to the Company a Joinder
becoming a party to this Agreement and a duly completed and executed applicable IRS Form. “Third Party Tender/Exchange Offer”
shall mean any tender or exchange offer made to holders of Common Stock by a Third Party for a number of outstanding shares of Voting
Stock that, if consummated, would result in a Change in Control and the Board of Directors has recommended such tender or exchange offer
in a Schedule 14D-9 under the Exchange Act or does not publicly recommend against such offer in a Schedule 14D-9 under the Exchange Act
within ten (10) Business Days after the public announcement of such offer. Any purported Prohibited Transfer in violation of this Exhibit
B shall be null and void ab initio. Notwithstanding the foregoing, Orogen (or a controlled Affiliate of Orogen) shall be permitted
to mortgage, hypothecate, and/or pledge the Restricted Shares in respect of any bona fide financing arrangements of Orogen or its
controlled Affiliates, including one or more bona fide purpose (margin) or bona fide non-purpose loans (each such financing
arrangement, a “Permitted Loan”). Any Permitted Loan entered into by Orogen or its controlled Affiliates shall be with
one or more financial institutions and nothing contained in this Agreement shall prohibit or otherwise restrict the ability of any lender
(or its securities affiliate) or collateral agent to foreclose upon and sell, dispose of or otherwise transfer the Restricted Shares mortgaged,
hypothecated and/or pledged to secure the obligations of the borrower following an event of default under a Permitted Loan. Notwithstanding
the foregoing or anything to the contrary herein, in the event that any lender or other creditor under a Permitted Loan transaction (including
any agent or trustee on their behalf) or any Affiliate of the foregoing exercises any rights or remedies in respect of the Restricted
Shares or any other collateral for any Permitted Loan, no lender, creditor, agent or trustee on their behalf or Affiliate of any of the
foregoing (other than, for the avoidance of doubt, Orogen or any of its Affiliates) shall be entitled to any rights or have any obligations
or be subject to any transfer restrictions or limitations hereunder except and to the extent for those expressly provided for by the Registration
Rights.

 

    

     

    

 

Notwithstanding anything in this Agreement or
elsewhere to the contrary, any sale of Restricted Shares shall be subject to any applicable limitations set forth in this Exhibit B and
the Registration Rights, but shall not be subject to any policies, procedures or limitations (other than any applicable federal securities
laws and any other applicable laws) otherwise applicable to the Orogen Affiliated Directors with respect to trading in the Company’s
securities (other than as set forth in the definition of “Blackout Period”) and the Company acknowledges and agrees that such
policies, procedures or limitations applicable to the Orogen Affiliated Directors shall not be violated by any such transfer pursuant
to the Registration Rights.

 

Notwithstanding anything in this Agreement to
the contrary, the Restricted Period shall not apply to, and Orogen shall be free, to the fullest extent permitted by law, to sell or transfer
at any time, any shares of Common Stock issued as dividends on any shares of Common Stock.

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