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Filing Details

Accession Number:: 0001209191-11-029196
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-05-18 10:44:51
Reporting Period:: 2011-05-16

Filing Date:: 2011-05-18
Accepted Time:: 2011-05-18 10:44:51
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
1406395	R Thomas Holler	C/O Virtusa Corporation 2000 West Park Drive Westborough MA 01581	Evp And Coo	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	2011-05-16	1,400	$19.41	85,672	No	4	A	Direct
Common Stock	Disposition	2011-05-16	444	$19.41	85,228	No	4	F	Direct
Common Stock	Acquisiton	2011-05-16	23,647	$19.41	108,875	No	4	A	Direct
Common Stock	Acquisiton	2011-05-16	2,627	$19.41	111,502	No	4	A	Direct
Common Stock	Acquisiton	2011-05-16	5,000	$10.02	116,502	No	4	M	Direct
Common Stock	Disposition	2011-05-16	5,000	$19.24	111,502	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	A	Direct
No	4	F	Direct
No	4	A	Direct
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	Non-qualified stock options	Disposition	2011-05-16	5,000	$10.02	5,000	$10.02

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
15,000		2018-05-23	No	4	M	Direct

Footnotes

The reporting person was granted 15,000 shares of performance based restricted stock granted under the Company's 2007 Plan in November 2008, 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 ending March 31, 2010. 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. For the fiscal year ended March 31, 2011, based on the Company's revenue and operating profit results, the reporting person vested in 1,400 shares (of the eligible 3,750) for the fiscal year ended March 31, 2011. 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 7,500 shares of performance based restricted stock granted under the Company's 2007 Plan granted in November 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 maximum of 3,750 shares 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 5,000 shares of time based shares of restricted stock that were granted on May 17, 2010 and subject to annual vesting but that were accelerated and immediately vested due to the Company's achievement of certain revenue target for the fiscal year ended March 31, 2011. The grantee retains voting rights with respect to all such shares unless and to the extent that such shares do not vest and are forfeited.
The reporting person was granted 23,647 shares of time based restricted stock under the Company's 2007 Plan, which vest at a rate of 25% on June 1, 2012 and 25% on each of June 1, 2013, 2014 and 2015. 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 2,627 shares of performance based restricted stock granted on May 16, 2011 under the Company's 2007 Plan which vest only upon the Company's achievement of certain revenue targets for the fiscal year ending March 31, 2012 (and pro-rated below; 75% vest at 96.8% of the target; 50% vest at 91.2% of the target; no vesting below this threshhold). The grantee retains voting rights with respect to such shares unless and to the extent that such shares do not vest and are forfeited.
These options were exercised and the underlying shares were sold pursuant to a 10b5-1 Plan Agreement dated as of December 8, 2010 entered into by and between Mr. Holler and an investment bank.
This transaction was executed in multiple trades at prices ranging from $18.90 to $19.62 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 options were exercised and the underlying shares were sold pursuant to a 10b5-1 Plan Agreement dated as of December 8, 2010 entered into by and between Mr. Holler and an investment bank.
The reporting person was granted an option to purchase 80,000 shares of common stock of the Company under the Company's 2007 Stock Option and Incentive Plan on May 23, 2008 with a vesting commencement date of January 1, 2008. 6.25% of the shares in this grant vested on March 1, 2008 with 6.25% of the shares vesting each 3 month period thereafter in 15 equal installments.