SEC Form 4 · accession 0001209191-16-104962
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
Mar 1, 2016
Accepted (ET)
Mar 3, 2016 · 9:36 am EST
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 stockF1 | Mar 1, 2016 | F | 12,644 | $35.94 | D | 849,415 | D | |
| common stock | holding | — | — | — | 296,261 | I | Held by Spouse | |
| Common Stock | holding | — | — | — | 41,110 | I | Held by Kris Canekeratne Irreovocable Trust | |
| Common Stock | holding | — | — | — | 41,110 | I | Held by Irrevocable Trust of spouse |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1The reporting person was granted performance based, deferred restricted stock awards under the Company's 2007 Stock Option and Incentive Plan on 8/6/2013, which awards vest only upon the Company's achievement of certain revenue targets for the fiscal year ended March 31, 2014 ("FY14"). To the extent that the shares conditionally vest per the performance targets for FY14, then 33% of such shares vest on 9/1/14 and the remaining 67% vest on 3/1/16. Based on the Company's revenue of $396.9 million for FY14, on 5/21/14, our Board approved the reporting person earning 115% of the shares granted or 52,815 shares, of which 33% vested on 9/1/14 and 67% vest on 3/1/16, based on continued service of the reporting person. On 3/1/2016, the company withheld the number of shares equal to the tax liability thereon.