Home > Insider Trading > Filing (0001209191-17-051504)

Filing Details

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
1406397	A Kris Canekeratne	C/O Virtusa Corporation 2000 West Park Drive Westborough MA 01581	Chairman & Ceo	Yes	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2017-09-01	8,695	$36.14	595,491	No	4	F	Direct
Common Stock	Disposition	2017-09-01	10,000	$36.07	266,261	No	4	S	Indirect	Held by Spouse

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	F	Direct
No	4	S	Indirect	Held by Spouse

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	41,110	Indirect	Held by Kris Canekeratne Irreovocable Trust
Common Stock	41,110	Indirect	Held by Irrevocable Trust of spouse
Comm	14,692	Indirect	Held by Kavan A. Canekeratne IDI Trust
Common Stock	14,692	Indirect	Held by Shane A. Canekeratne IDI Trust

Footnotes

On 11/14/16, the reporting person was granted performance-based restricted stock units based on revised financial guidance for fiscal year ending 3/31/2017 ("FY17") under the Company's 2015 Stock Option and Incentive Plan, which awards vest only upon the Company's achievement of two critical performance metrics based on a nine month performance period beginning 7/1/2016 and ending 3/31/2017: revenue (70%) and Non-GAAP operating income (30%). Based on the Company's achievement of revenue of $653.2 million and Non-GAAP operating income of $48 million (for the nine-month period ending 3/31/17), 46.2% of the target shares were earned, of which 50% vest on 9/1/2017 and 50% vest on 3/1/2019, based on continued service of the reporting person. On 9/1/17 the company withheld the number of shares listed above equal to the reporting person's tax liability thereon.
These shares were sold pursuant to a 10b5-1 Sales Plan Agreement dated as of June 15, 2017 entered into by and between Tushara Canekeratne and an investment bank.
This transaction was executed in multiple trades at prices ranging from $35.85 to $36.32 per share. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.