SEC Form 4 · accession 0001209191-15-079345
VIRTUSA CORP · VRTU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Ranjan Kalia
Officer — EVP & Chief Financial Officer
Period of report
Nov 9, 2015
Accepted (ET)
Nov 10, 2015 · 5:13 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001207074
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Based Restricted Stock Unit AwardsF1 | — | Nov 9, 2015 | A | 27,028 | A | — | — | Common Stock | 27,028 | 27,028 | D |
Explanation of responses
- F1The 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 on 11/09/2015. The award vests only upon the Company's achievement of certain revenue targets for the fiscal year ending 3/31/16 ("FY16"). To the extent that the shares conditionally vest per the performance targets for FY16, then 33% of such award will vest on 9/1/16 and the remaining 67% will vest on 3/1/18. Per the performance criteria for the award, the reporting person can earn the number of shares listed above at 100% of plan; 25% at 97% of plan; 75% of such shares at 98% of plan; 125% of such shares at 102% of plan and 150% of such shares at 111% of plan for FY16. The issuance price of the shares was determined based on the Company's equity award policy. The grantee has no voting rights with respect to the shares underlying the award until vested.