SEC Form 4 · accession 0001209191-17-051519
VIRTUSA CORP · VRTU
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Sundararajan Narayanan
Officer — EVP, CPO and Global Head of HR
Period of report
Sep 1, 2017
Accepted (ET)
Sep 6, 2017 · 1:21 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 stockF1 | Sep 1, 2017 | F | 750 | $36.14 | D | 40,469 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On 11/14/16, the reporting person was granted performance-based restricted stock units based on revised financial guidance for fiscal year ending 3/31/2017 ("FY17") under the Company's 2015 Stock Option and Incentive Plan, which awards vest only upon the Company's achievement of two critical performance metrics based on a nine month performance period beginning 7/1/2016 and ending 3/31/2017: revenue (70%) and Non-GAAP operating income (30%). Based on the Company's achievement of revenue of $653.2 million and Non-GAAP operating income of $48 million (for the nine-month period ending 3/31/17), 46.2% of the target shares were earned, of which 50% vest on 9/1/2017 and 50% vest on 3/1/2019, based on continued service of the reporting person. On 9/1/17 the company withheld the number of shares listed above equal to the reporting person's tax liability thereon.