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Filing Details

Accession Number:: 0001209191-10-028996
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-05-19 13:00:00
Reporting Period:: 2010-05-17

Filing Date:: 2010-05-19
Accepted Time:: 2010-05-19 16:42:45
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
1406394	Keith Roger Modder	C/O Virtusa Corporation 2000 West Park Drive Westborough MA 01581	Pres., Asia, Evp Global Serv.	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	2010-05-17	4,000	$0.31	30,250	No	4	M	Direct
Common Stock	Disposition	2010-05-17	4,000	$9.54	26,250	No	4	S	Direct
Common Stock	Acquisiton	2010-05-17	40,000	$9.62	66,250	No	4	A	Direct
Common Stock	Acquisiton	2010-05-17	2,906	$9.62	69,156	No	4	A	Direct
Common Stock	Acquisiton	2010-05-17	3,462	$9.62	72,618	Yes	4	A	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	A	Direct
No	4	A	Direct
Yes	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	2010-05-17	4,000	$0.31	4,000	$0.31

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
3,043		2013-05-21	No	4	M	Direct

Footnotes

These shares were exercised and sold pursuant to a 10b5-1 Plan Agreement dated as of March 17, 2009 entered into by and between Mr. Modder and an investment bank.
Includes 26,250 shares of performance based restricted stock granted under the Company's 2007 Plan in October 2008 (the "October Plan"), which vest only upon the Company's achievement of certain revenue and operating income targets for each fiscal year over the next three fiscal years, commencing with the fiscal year ended March 31, 2011. The performance based restricted shares vest at a rate of 25% per performance period upon achievement of applicable revenue and operating income targets for such fiscal year, with each fiscal year being a performance period. The vested shares for the October Plan for the fiscal year ended March 31, 2010 are shown elsewhere in this Form 4. The grantee retains voting rights with respect to such shares unless and to the extent that such shares do not vest and are forfeited.
In May 2010, the reporting person was granted 40,000 shares of restricted stock which vest at a rate of 25% each year, commencing on April 1, 2010, under the Company's 2007 Stock Option and Incentive Plan (the "2007 Plan"). If the Company achieves a certain revenue target for its fiscal year ending March 31, 2011, then 5,000 shares allocated to the fourth annual vesting period shall accelerate and vest; and if the Company achieves a certain revenue target for the fiscal year ending March 31, 2012, then 5,000 shares allocated to the fourth annual vesting period shall accelerate and vest. The grantee retains voting rights with respect to such shares unless and to the extent that such shares do not vest and are forfeited.
The reporting person was granted 35,000 shares of performance based restricted stock granted under the Company's 2007 Plan pursuant to the October Plan, which vest only upon the Company's achievement of certain revenue and operating income targets for each fiscal year over four fiscal years, commencing with the fiscal year ending March 31, 2010. The performance based restricted shares vest at a rate of 25% per performance period upon achievement of applicable revenue and operating income targets for such fiscal year, with each fiscal year being a performance period. For the fiscal year ended March 31, 2010, based on the Company's revenue and operating profit results, the reporting person vested in 2,906 shares (of the eligible 8,750) for the fiscal year ended March 31, 2010. The grantee retains voting rights with respect to the shares unless and to the extent that such shares do not vest and are forfeited
The reporting person was granted 8,655 shares of performance based restricted stock granted on August 5, 2009 (the "August Plan") under the Company's 2007 Plan, of which, 25% of the shares granted would vest only upon the Company's achievement of certain revenue and operating income targets for the fiscal year ending March 31, 2010. To the extent that these shares vest upon achievement of such revenue and operting income targets for the fiscal year ending March 31, 2010, the remaining shares would vest at rate of 6.25% each three month period thereafter. Based on the Company's revenue and operating income results for FY10, 866 shares immediately vested as of May 17, 2010 with 2,596 shares to vest at a rate of 6.25% each 3 month period commencing on April 1, 2010. The grantee retains voting rights with respect to such shares unless and to the extent that such shares do not vest and are forfeited.
The reporting person was granted an option to purchase these shares on 05/21/2003. All shares have vested.