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Filing Details

Accession Number:: 0001209191-13-039713
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2013-08-07 16:44:58
Reporting Period:: 2013-08-06

Filing Date:: 2013-08-07
Accepted Time:: 2013-08-07 16:44:58
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1207074	Virtusa Corp	VRTU	Services-Computer Programming Services (7371)	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1449544	Raj Rajgopal	C/O 2000 West Park Drive Westborough MA 01581	President	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2013-08-06	2,500	$2.97	101,530	No	4	M	Direct
Common Stock	Disposition	2013-08-06	2,500	$25.67	99,030	No	4	S	Direct
Common Stock	Acquisiton	2013-08-06	18,304	$0.00	117,334	No	4	A	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	A	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	non-qualified stock option	Disposition	2013-08-06	2,500	$2.97	2,500	$2.97
Common Stock	performance based deferred restricted stock award	Acquisiton	2013-08-06	18,304	$0.00	18,304	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
30,769		2015-05-06	No	4	M	Direct
18,304			No	4	A	Direct

Footnotes

These shares were exercised and sold pursuant to a 10b5-1 Plan Agreement dated as of June 14, 2012 entered into by and between Mr. Rajgopal and an investment bank.
The reporting person was granted an option exercisable for 143,769 shares on May 6, 2005, subject to vesting over four years. All shares are currently vested.
On August 6, 2013, the reporting person was granted shares of restricted stock which vest at a rate of 25% each year over 4 years, with the first vesting date on June 1, 2014 with vesting to occur each anniversary date thereafter, under the Company's 2007 Stock Option and Incentive Plan ("2007 Plan"). The issuance price of the shares was determined based on the Company's equity award policy. The grantee retains voting rights with respect to restricted shares unless and to the extent that such shares do not vest and are forfeited.
The reporting person was granted performance based, deferred restricted stock awards issuable for the number of shares listed above under the Company's 2007 Plan on August 6, 2013, which awards vest only upon the Company's achievement of certain revenue targets for the fiscal year ending March 31, 2014 ("FY14"). To the extent that the shares conditionally vest per the performance targets for FY14, then 33% of such awards which conditionally vested based on performance targets for FY14 will vest on 9/1/14 and the remaining 67% will vest on 3/1/16. Per the performance criteria for the award, the reporting person can earn the number of shares listed above at 100% of plan; 75% of such shares at 98% of plan; 125% of such shares at 102% of plan and 150% of such shares at 107% of plan for FY14. The issuance price of the shares was determined based on the Company's equity award policy. The grantee has no voting rights with respect to the shares underlying the award until vesting.