SEC Form 4 · accession 0001209191-15-045391
VIRTUSA CORP · VRTU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kris A Canekeratne
Officer — Chairman & CEO · Director
Period of report
May 19, 2015
Accepted (ET)
May 21, 2015 · 4:35 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001207074
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| common stockF2 | May 19, 2015 | S | 4,000 | $45.2117 | D | 865,500 | D | |
| common stockF3 | May 20, 2015 | S | 8,000 | $45.2049 | D | 857,500 | D | |
| common stockF4 | May 20, 2015 | A | 48,303 | — | A | 905,803 | D | |
| common stock | holding | — | — | — | 276,389 | I | Held by spouse | |
| Common Stock | holding | — | — | — | 60,982 | I | Held by Kris Canekeratne Irreovocable Trust | |
| Common Stock | holding | — | — | — | 60,982 | I | Held by Irrevocable Trust of spouse |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1These shares were sold pursuant to a 10b5-1 Sales Plan Agreement dated as of June 11, 2014 entered into by and between Kris Canekeratne and an investment bank.
- F2This transaction was executed in multiple trades at prices ranging from $45.07 to $45.37 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.
- F3This transaction was executed in multiple trades at prices ranging from $44.90 to $45.56 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.
- F4The reporting person was granted performance based, deferred restricted stock awards under the Company's 2007 Stock Option and Incentive Plan on 8/8/2014, which awards vest only upon the Company's achievement of certain revenue targets for the fiscal year ended March 31, 2015 ("FY15"). To the extent that the shares conditionally vest per the performance targets for FY15, then 33% of such shares vest on 9/1/15 and the remaining 67% vest on 3/1/17. Based on the Company's revenue of $479 million for FY15, on 5/20/15, our board approved that the reporting person earned 48,303 shares, of which 33% vest on 9/1/15 and 67% vest on 3/1/17, based on continued service of the reporting person.