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Filing Details

Accession Number:: 0001209191-11-034346
Form Type:: 4/A
Zero Holdings:: No
Publication Time:: 2011-06-13 17:32:53
Reporting Period:: 2011-06-01

Filing Date:: 2011-06-13
Accepted Time:: 2011-06-13 17:32:53
Original Submission Date:: 2011-06-03
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
1406397	A Kris Canekeratne	C/O Virtusa Corporation 2000 West Park Drive Westborough MA 01581	Chairman & Ceo	Yes	Yes	Yes	No

Reported Non-Derivative Transactions

Show Other Fields >>

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2011-06-01	147	$0.00	1,416,951	No	4	J	Direct
Common Stock	Disposition	2011-06-01	162	$18.86	1,416,789	No	4	F	Direct
Common Stock	Disposition	2011-06-01	11,907	$18.86	1,404,882	No	4	F	Direct
Common Stock	Disposition	2011-06-02	8,000	$18.65	1,396,882	No	4	S	Direct
Common Stock	Disposition	2011-06-03	4,000	$18.31	1,392,882	No	4	S	Direct
Common Stock	Disposition	2011-06-02	4,000	$18.65	433,389	No	4	S	Indirect	Held by Spouse
Common Stock	Disposition	2011-06-03	2,000	$18.31	431,389	No	4	S	Indirect	Held by Spouse

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

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	60,982	Indirect	Held by Kris Canekeratne Irreovocable Trust
Common Stock	60,982	Indirect	Held by Irrevocable Trust of spouse

Footnotes

These shares were distributed to the reporting person as a limited partner of Sigma Investors V, L.P. without the receipt of consideration (under the terms of the applicable limited partnership agreements with Sigma Investors V, L.P.).
Includes 25,000 shares of performance based restricted stock granted under the Company's 2007 Plan on November 3, 2008, which vest only upon the Company's achievement of certain revenue and operating income targets for each fiscal year over the next two fiscal years, commencing with the fiscal year ending March 31, 2012. 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. Also includes 12,500 shares of restricted stock that were acclerated and vested based on revenue achievement of the Company for the fiscal year ending March 31, 2011 with respect to the time based shares of restricted stock granted to the reporting person on May 17, 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 20,366 shares of performance based restricted stock granted on August 4, 2009 under the Company's 2007 Stock Option and Incentive 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 (commencing on April 1, 2009). On 6/1/2011, based on the remaining shares subject to time based vesting, 509 shares vested and the Company withheld 162 shares to satisfy the reporting person's tax liabilty thereon. The grantee retains voting rights with respect to his restricted shares unless and to the extent that such shares do not vest and are forfeited.
On May 17, 2010, the reporting person was granted 100,000 shares of restricted stock which vest at a rate of 25% each year, with the first vesting date on June 1, 2012, under the Company's 2007 Stock Option and Incentive Plan. If the Company achieves a certain revenue target for its fiscal year ending March 31, 2011 ("FY11"), then 12,500 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 12,500 shares allocated to the fourth annual vesting period shall accelerate and vest. Based on the Company's FY11 revenue results, 12,500 shares were accelerated and vested. The Company withheld the number of shares equal to the tax liability on the time based, and accelerated, vested shares. The grantee retains voting rights with respect to restricted shares unless and to the extent that such shares do not vest and are forfeited.
These shares were sold pursuant to a 10b5-1 Sales Plan Agreement dated as of March 1, 2011 entered into by and between Kris Canekeratne and an investment bank.
This transaction was executed in multiple trades at prices ranging from $18.50 to $18.84 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.
This transaction was executed in multiple trades at prices ranging from $18.25 to $18.58 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.
These shares were sold pursuant to a 10b5-1 Sales Plan Agreement dated as of March 1, 2011 entered into by and between Tushara Canekeratne and an investment bank.