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Filing Details

Accession Number:: 0001209191-14-051672
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2014-08-11 17:03:32
Reporting Period:: 2014-08-08

Filing Date:: 2014-08-11
Accepted Time:: 2014-08-11 17:03:32
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	2014-08-08	3,500	$4.19	111,778	No	4	M	Direct
Common Stock	Disposition	2014-08-08	3,500	$33.05	108,278	No	4	S	Direct
Common Stock	Acquisiton	2014-08-08	14,797	$0.00	123,075	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	2014-08-08	3,500	$4.19	3,500	$4.19
Common Stock	performance based deferred restricted stock awards	Acquisiton	2014-08-08	22,196	$0.00	22,196	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
27,717		2016-08-07	No	4	M	Direct
22,196			No	4	A	Direct

Footnotes

These shares were exercised and sold pursuant to a 10b5-1 Plan Agreement dated as of August 16, 2013 entered into by and between Mr. Rajgopal and an investment bank.
The reporting person was granted an option exercisable for 31,948 shares on August 7, 2006, subject to vesting over four years. All shares are currently vested.
On August 08, 2014, the reporting person was granted the number of shares of restricted stock listed above which vest at a rate of 25% each year, commencing on June 1, 2015 and 25% vesting on June 1, 2016, 2017 and 2018. The grantee retains the voting rights on such shares unless and to the extent that such shares of restricted stock do not vest and are forfeited.
The reporting person was granted a performance based, deferred restricted stock award issuable for the number of shares listed above under the Company's 2007 Stock Option and IncentivePlan on 8/8/14. The award vests only upon the Company's achievement of certain revenue targets for the fiscal year ending 3/31/15 ("FY15"). To the extent that the shares conditionally vest perthe performance targets for FY15, then 33% of such award will vest on 9/1/15 and the remaining 67% will vest on 3/1/17. 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 103% of plan and 150% of such shares at 108% of plan for FY15. 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 vested.