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Filing Details

Accession Number:: 0001209191-12-032385
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2012-06-05 17:05:56
Reporting Period:: 2012-06-01

Filing Date:: 2012-06-05
Accepted Time:: 2012-06-05 17:05:56
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	No	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	2012-06-01	11,223	$14.21	1,262,031	No	4	A	Direct
Common Stock	Disposition	2012-06-01	3,558	$14.21	1,258,473	No	4	F	Direct
Common Stock	Acquisiton	2012-06-01	6,568	$14.21	1,256,283	No	4	A	Direct
Common Stock	Disposition	2012-06-01	2,083	$14.21	1,254,200	No	4	F	Direct
Common Stock	Disposition	2012-06-01	162	$14.21	1,254,038	No	4	F	Direct
Common Stock	Disposition	2012-06-01	6,248	$14.21	1,247,790	No	4	F	Direct
Common Stock	Disposition	2012-06-01	7,926	$14.21	1,239,864	No	4	F	Direct
Common Stock	Disposition	2012-06-04	2,624	$14.21	1,237,240	No	4	S	Direct
Common Stock	Disposition	2012-06-05	4,000	$14.39	1,233,240	No	4	S	Direct
Common Stock	Disposition	2012-06-04	1,312	$14.21	365,389	No	4	S	Indirect	Held by spouse
Common Stock	Disposition	2012-06-05	2,000	$14.39	363,389	No	4	S	Indirect	Held by spouse

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	A	Direct
No	4	F	Direct
No	4	A	Direct
No	4	F	Direct
No	4	F	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

The reporting person was granted 50,000 shares of performance based restricted stock granted under the Company's 2007 Plan on 11/3/2008 ("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 ended March 31, 2010. For the fiscal year ended March 31, 2012, based on the Company's revenue and operating profit results, the reporting person vested in 11,223 shares (of the eligible 12,500) for the fiscal year ended March 31, 2012. The grantee retains voting rights with respect to the shares unless and to the extent that such shares do not vest and are forfeited.
Includes 12,500 shares of performance based restricted stock granted under the Company's stock option plan on 11/3/08, which vest only upon the Company's achievement of certain revenue and operating income targets for the fiscal year ending 3/31/13. Also includes 8,758 shares of performance based restricted stock granted on 5/16/11, which vest only upon the Company's achievement of certain revenue targets for the fiscal year ending 3/31/12. The grantee retains voting rights in these shares until forfeited.
Under the October Plan, the reporting person had 11223 performance based shares vest for the fiscal year ended March 31, 2012 but had 3,558 withheld by the Company as full payment for taxes on the vested performance based shares.
The reporting person was granted 8,758 shares of performance based restricted stock under the Company's 2007 Stock Option and Incentive Plan on May 16,2011, which vest only upon the Company's achievement of certain revenue targets for the fiscal year ending March 31, 2012, which vesting is pro-rated if the Company does not achieve the revenue target for the fiscal year ending March 31, 2012 (75% vest on 96.8% acheivement; 50% on 91.2% achievement; no vesting if below that threshhold). Based on FY12 operating results, the grantee vested in 6568 shares.
Includes 12,500 shares of performance based restricted stock granted under the Company's stock option plan on 11/3/08, which vest only upon the Company's achievement of certain revenue and operating income targets for the fiscal year ending March 31, 2013. The grantee retains voting rights in these shares until forfeited.
The reporting person was granted 8,758 shares of performance based restricted stock under the Company's 2007 Stock Option and Incentive Plan on May 16,2011, which vest only upon the Company's achievement of certain revenue targets for the fiscal year ending March 31, 2012, which vesting is pro-rated if the Company does not achieve the revenue target for the fiscal year ending March 31, 2012 (75% vest on 96.8% acheivement; 50% on 91.2% achievement; no vesting if below that threshhold). Based on FY12 operating results, the grantee vested in 6568 shares and had 2083 shares withheld to pay applicable taxes.
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% in equal installments. On 06/1/12, 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 16, 2011, the reporting person was granted 78,825 shares of restricted stock which vest at a rate of 25% each year over 4 years, with the first vesting date on June 1, 2012, under the Company's 2007 Stock Option and Incentive Plan. On 6/1/12, the Company withheld the number of shares equal to the tax liability on the shares that vested on such date. The grantee retains voting rights with respect to 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 over 4 years, with the first vesting date on June 1, 2012, under the Company's 2007 Stock Option and Incentive Plan. Based on the vesting on 6/1/2012, the Company withheld the number of shares equal to the tax liability on the 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 5, 2012 entered into by and between Kris Canekeratne and an investment bank.
This transaction was executed in multiple trades at prices ranging from $14.13 to $14.25 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 $14.13 to $14.56 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 5, 2012 entered into by and between Tushara Canekeratne and an investment bank.