VIRTUSA CORPORATION (NASDAQ:VRTU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November29, 2018, Virtusa Corporation (the “Company”) entered into a separation and release agreement with Raj Rajgopal, President, Digital Business Strategy, to which Mr.Rajgopal resigned from the Company with an effective resignation date of March1, 2019, to pursue other opportunities. Subject to the terms of the separation and release agreement, Mr.Rajgopal will continue to be employed by the Company until March1, 2019 to facilitate an orderly transition.
The separation and release agreement supersedes Mr.Rajgopal’s existing employment agreement and provides for, among other things: (i)if Mr.Rajgopal remains with the Company through March1, 2019 and is not terminated by cause by the Company prior to March1, 2019, the Company will provide Mr.Rajgopal with a lump sum payment equal to four months of annual base salary (at the rate in effect on his resignation date), which is equal to $133,333 in the aggregate, (ii)Mr.Rajgopal waived his right to any variable cash compensation for the fiscal year ending March31, 2019 and (iii)continuation of health benefits, with the cost of the regular premium paid in the same proportion by the Company and Mr.Rajgopal until six months after the resignation date. Under the separation and release agreement, Mr.Rajgopal also granted Virtusa a general release of claims against the Company.
The foregoing summary of Mr.Rajgopal’s separation agreement does not purport to be complete and is qualified in its’ entirety by reference to the full text of Mr.Rajgopal’s separation and release agreement, a copy of which is filed herewith as Exhibit 10.1 and incorporated by reference herein.
Item 5.02. RegulationFD Disclosure.
On December3, 2018, the Company issued a press release, a copy of which is being furnished as Exhibit99.1 to this Current Report on Form8-K.
The information in this Item 5.02 and Exhibit99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 5.02. Financial Statements and Exhibits
(d) Exhibits
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10.1 |
Separation and Release Agreement dated as of November29, 2018 by and between Virtusa Corporation and Raj Rajgopal. |
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99.1 |
Press Release issued by Virtusa Corporation on December3, 2018. |
