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Filing Details

Accession Number:: 0001209191-18-031991
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2018-05-21 17:28:27
Reporting Period:: 2018-05-17

Accepted Time:: 2018-05-21 17:28:27
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
1449543	Ranjan Kalia	C/O Virtusa Corporation 132 Turnpike Road Southborough MA 01772	Evp & Chief Financial Officer	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	2018-05-17	11,399	$47.37	120,404	No	4	A	Direct
Common Stock	Acquisiton	2018-05-21	6,135	$10.02	126,539	No	4	M	Direct
Common Stock	Disposition	2018-05-21	3,488	$47.76	123,051	No	4	S	Direct

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

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Performance-based restricted stock unit awards	Acquisiton	2018-05-17	26,599	$0.00	26,599	$0.00
Common Stock	Non-qualified Stock Option	Disposition	2018-05-21	6,135	$10.02	6,135	$10.02

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
26,599			No	4	A	Direct
0		2018-05-23	No	4	M	Direct

Footnotes

On 5/17/2018, the reporting person was granted shares of time-based restricted stock units issuable (upon full vest) for the number of shares listed above under the Company's 2015 Stock Option and Incentive Plan. The issuance price of the shares was determined based on the Company's equity award policy. The shares are subject to a three-year vesting period with one-third of the shares vesting annually on each June 1,2019, June 1,2020 and June 1,2021 respectively. The grantee has no voting rights with respect to the shares underlying the award until vested.
The reporting person was granted an option to purchase these shares on 05/23/2008. All shares are now vested.
The sale of shares was executed in multiple trades at prices ranging from $47.7598 to $47.7627 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.
On 5/17/2018, the reporting person was granted a performance-based restricted stock unit award issuable for the number of shares listed above under the Company's 2015 Stock Option and Incentive Plan. The award vests only upon the Company's achievement of two weighted performance metrics, revenue (50%) and non-GAAP operating income targets (50%) for fiscal year ending 3/31/2019 ("FY19"). To the extent the shares conditionally vest per the performance targets for FY19, then 33% of such award will vest on 9/1/2019 and the remaining 67% will vest on 3/1/2021. Per the performance criteria for the award, the reporting person can earn the number of shares listed above at 100% of plan. Of such shares, the number of units that actually vest will be between 0% to 200% of the scheduled amount, depending on the extent to which the Company meets or exceeds the financial performance goals. The grantee has no voting rights with respect to the shares underlying the award until vested.