Document:

Exhibit 10.1

 

FY2010 VIRTUSA CORPORATION

EXECUTIVE VARIABLE CASH COMPENSATION BONUS PLAN

 

Purpose

 

This Executive Variable Cash Compensation Bonus Plan (the “Bonus Plan”)
is intended to provide an incentive for superior work and to motivate eligible
executives of Virtusa Corporation (the “Company”) and its subsidiaries toward
achievement of certain annual revenue and operating margin goals of the
Company, to tie their goals and interests to those of the Company and its
stockholders and to enable the Company to attract and retain highly qualified
executives.  The Bonus Plan is for the
benefit of Covered Executives (as defined below).

 

Covered Executives

 

From time to time, the Compensation Committee of the Board of Directors
of the Company (the “Compensation Committee”) may select certain key executives
(the “Covered Executives”) to be eligible to receive bonuses hereunder.

 

Administration

 

The Compensation Committee shall have the sole discretion and authority
to administer and interpret or modify the Bonus Plan, subject only to approval
of the Board of Directors of the Company (the “Board”).

 

Bonus Determinations

 

A Covered Executive may receive a bonus
payment under the Bonus Plan based upon the attainment of performance targets
which are established by the Compensation Committee and approved by the Board
and relate to financial and operational metrics with respect to the Company or
any of its subsidiaries (the “Performance Goals”), including the annual revenue
and operating income targets established by the Compensation Committee as
approved by the Board for any Bonus Year (as defined below).  Such revenue and operating income targets, as
well as applicable targeted bonuses for each Covered Executive, are set forth
on Exhibit A hereto.

 

Except as otherwise set forth in this Section 4(b):  (i) any bonuses paid to Covered
Executives under the Bonus Plan shall be based solely upon objectively
determinable bonus formulas that tie such bonuses to one or more performance
targets relating to the Performance Goals, (ii) bonus formulas for Covered
Executives shall be adopted with respect to the Bonus Year  by the Compensation Committee and approved by
the Board and (iii) no bonuses shall be paid to Covered

 

 

Executives unless and until the
Compensation Committee makes a determination with respect to the attainment of
the performance objectives and the Board approves of such determination for
such Bonus Year.  For purposes of this
Bonus Plan, of the Targeted Covered Executive Bonus (as set forth in Exhibit A
hereto with respect to each Covered Executive)

 

Revenue targets shall contribute 60% of the applicable
targeted Bonus Payment (as adjusted per the percentages on Exhibit A to
extent the Company achieves, exceeds or misses the applicable target); payment
of all or any portion of any applicable revenue target bonus shall be based and
determined solely and independently on the Company’s achievement of such
revenue performance metric as set forth in Exhibit A;

 

Operating Income targets shall contribute 40% of the
applicable targeted Bonus Payment (as adjusted per the percentages on Exhibit A
to extent the Company achieves, exceeds or misses the applicable target);
payment of all or any portion of any applicable operating income bonus shall be
based and determined solely and independently on the Company’s achievement of
such operating income performance metric as set forth in Exhibit A;

 

Each Covered Executive shall have a
targeted bonus opportunity for the Bonus Year as set forth in Exhibit A
hereto.

 

The payment of a bonus to a Covered
Executive with respect to the Bonus Year shall be conditioned upon the Covered
Executive’s employment by the Company on the last day of the Bonus Year and on
the date of actual payment of such Bonus by the Company; provided, however,
that the Compensation Committee may make exceptions to this requirement, in its
sole discretion, including, without limitation, in the case of a Covered
Executive’s termination of employment, retirement, death or disability, subject
to Board approval or as otherwise set forth in a Covered Executive’s employment
agreement.

 

The term of the Bonus Plan extends from April 1,
2009 through March 31, 2010 (the “Bonus Year”).  This Bonus Plan does not apply to any prior
or future period.  To the extent that any
Covered Executive is not employed by the Company on the first day of the Bonus
Year, but is employed by the Company continuously after such date for the
remainder of the Bonus Year and up to the time of any bonus payment hereunder,
except as otherwise determined by the Compensation Committee, the Covered
Executives applicable bonus amount shall be pro-rated based on the portion of
the Bonus Year that such Covered Executive is employed by the Company, provided
that the Covered Executive satisfies all of the criteria for earning and being
paid such bonus under the terms herein.

 

Timing of Payment

 

The
Performance Goals will be measured at the end of each fiscal year after the
Company’s financial reports and related metrics have been approved by the
Board  for the applicable period  If the Performance Goals are met, subject to
satisfaction

 

 

of
all other terms in this Bonus Plan, the Company shall, after such Board
approval, make such payments promptly , but in any event, within 75 days after
the expiration of the period against which the applicable Performance Goals
were being measured and calculated.

 

Amendment and Termination

 

The Company reserves the right to amend or terminate the Bonus Plan at
any time in its sole discretion.

 

 

Exhibit A

 

	
  Executive

  	
   

  	
  Fiscal Year

  	
   

  	
  Total Cash

  Bonus @Plan

  	
   

  	
  Revenue (60%)

  	
   

  	
  Operating Profit (40%)

  
	
  Kris
  Canekeratne-CEO

  	
   

  	
  FY2010

  	
   

  	
  $

  	
  175,000

  	
   

  	
  $[REDACTED]M

  	
   

  	
  $[REDACTED]M

  
	
  Tom
  Holler —EVP and COO

  	
   

  	
  FY2010

  	
   

  	
  $

  	
  105,000

  	
   

  	
  $[REDACTED]M

  	
   

  	
  $[REDACTED]M

  
	
  Keith
  Modder-President Asia and EVP, Global Services

  	
   

  	
  FY2010

  	
   

  	
  $

  	
  66,000

  	
   

  	
  $ [REDACTED]M

  	
   

  	
  $[REDACTED]M

  
	
  Raj
  Rajgopal, EVP, Business Development and Client Services

  	
   

  	
  FY2010

  	
   

  	
  $

  	
  150,000

  	
   

  	
  $ [REDACTED]M

  	
   

  	
  $[REDACTED]M

  
	
  Ranjan
  Kalia-SVP, Finance, CFO

  	
   

  	
  FY2010

  	
   

  	
  $

  	
  100,000

  	
   

  	
  $[REDACTED]M

  	
   

  	
  $[REDACTED]M

  

 

See the Attachments to Exhibit A for the
possible payouts to the Covered Executives under this Bonus Plan which are
incorporated herein by reference.

 

To the extent that revenue or operating profit is in
between target thresholds, the % bonus will be applied on a pro-rata basis by
the Compensation Committee.  No bonus on
revenue is paid if the revenue is below $[REDACTED]M and no bonus is paid on operating
profit if the operating profit $$ is below $[REDACTED]M.

 

 

Attachments No. 1-5

 

FY2010 Plan

 

CEO

 

[REDACTED]

 

 

FY2010 Plan

 

EVP and COO

 

[REDACTED]

 

 

FY2010 Plan

 

EVP, Business
Development, Client Services

 

[REDACTED]

 

 

FY2010 Plan

 

President, Asia,
EVP Global Services

 

[REDACTED]

 

 

FY2010 Plan

 

SVP and CFO

 

[REDACTED]Exhibit 10.2

 

EXECUTIVE AGREEMENT

 

AGREEMENT
made as of this 15th day of July, 2009 by and between Virtusa
Corporation (the “Company”), and Raj Rajgopal (the “Executive”).

 

1.
Purpose. The Company considers it essential to the best interests of its  stockholders to promote and
preserve the continuous employment of key management  personnel. The Board of Directors of the
Company (the “Board”) recognizes that,  as is the case with many corporations, the
possibility of a Change in Control  (as defined in Section 2 hereof) exists
and that such possibility, and the  uncertainty and questions that it may raise
among management, may result in the  departure or distraction of key management
personnel to the detriment of the  Company and its stockholders. Therefore, the
Board has determined that  appropriate steps should be taken to reinforce and encourage the
continued  attention and
dedication of members of the Company’s key management, including  the Executive, to their
assigned duties without distraction in the face of  potentially disturbing circumstances arising
from the possibility of a Change in  Control. Nothing in this Agreement shall be
construed as creating an express or  implied contract of employment and, except as
otherwise agreed in writing  between the Executive and the Company, the Executive shall not have any
right to  be retained in
the employ of the Company.  

 

2.
Change in Control. A “Change in Control” shall be deemed to have  occurred upon the occurrence
of any one of the following events:  

 

(a) any
“Person,” as such term is used in Sections 13(d) and 14(d) of  the Securities Exchange Act
of 1934, as amended (the “Act”) (other than the  Company, any of its subsidiaries, or any
trustee, fiduciary or other person or  entity holding securities under any employee
benefit plan or trust of the  Company or any of its subsidiaries), together with all “affiliates” and  “associates” (as such terms
are defined in Rule 12b-2 under the Act) of such  person, shall become the “beneficial
owner” (as such term is defined in Rule  13d-3 under the Act), directly or indirectly,
of securities of the Company  representing 50 percent or more of the combined voting power of the
Company’s  then
outstanding securities having the right to vote in an election of the  Company’s Board of Directors
(“Voting Securities”) (in such case other than as a  result of an acquisition of securities
directly from the Company); or  

 

(b) persons
who, as of the date hereof, constitute the Company’s Board  of Directors (the “Incumbent
Directors”) cease for any reason, including,  without limitation, as a result of a tender
offer, proxy contest, merger or  similar transaction, to constitute at least a
majority of the Board, provided  that any person becoming a director of the
Company subsequent to the date hereof  shall be considered an Incumbent Director if
such person’s election was approved  by or such person was nominated for election
by either (A) a vote of at least a  majority of the Incumbent Directors or (B) a
vote of at least a majority of the  

 

1

 

Incumbent
Directors who are members of a nominating committee comprised, in the  majority, of Incumbent
Directors; but provided further, that any such person  whose initial assumption of
office is in connection with an actual or threatened  election contest relating to the election of
members of the Board of Directors  or other actual or threatened solicitation of
proxies or consents by or on  behalf of a Person other than the Board, including by reason of
agreement intended to avoid or settle any such actual or threatened contest or
solicitation, shall not be considered an Incumbent Director; or  

 

(c) the
consummation of (A) any consolidation or merger of the Company  where the stockholders of
the Company, immediately prior to the consolidation or  merger, would not,
immediately after the consolidation or merger, beneficially  own (as such term is defined
in Rule 13d-3 under the Act), directly or  indirectly, shares representing in the
aggregate more than 50 percent of the  voting shares of the Company issuing cash or
securities in the consolidation or  merger (or of its ultimate parent
corporation, if any), or (B) any sale, lease,  exchange or other transfer (in one
transaction or a series of transactions  contemplated or arranged by any party as a
single plan) of all or substantially  all of the assets of the Company; or  

 

(d) the
approval by the Company’s stockholders of any plan or proposal  for the liquidation or
dissolution of the Company.  

 

Notwithstanding
the foregoing, a “Change in Control” shall not be deemed to  have occurred for purposes
of the foregoing clause (a) solely as the result of  an acquisition of securities
by the Company that, by reducing the number of  shares of Voting Securities outstanding,
increases the proportionate number of  shares of Voting Securities beneficially
owned by any person to 50 percent or  more of the combined voting power of all then
outstanding Voting Securities;  provided, however, that if any person
referred to in this sentence shall  thereafter become the beneficial owner of any
additional shares of Voting  Securities (other than pursuant to a stock split, stock dividend, or
similar  transaction or
as a result of an acquisition of securities directly from the  Company) and immediately
thereafter beneficially owns 50 percent or more of the  combined voting power of all
then outstanding Voting Securities, then a “Change  in Control” shall be deemed to have occurred
for purposes of the foregoing  clause (a).

 

3.
Terminating Event. A “Terminating Event” shall mean any of the events provided
in this Section 3:

 

(a) Termination
by the Company. Termination by the Company of the  employment of the Executive with the Company
for any reason other than for  Cause, death or Disability. For purposes of this Agreement, “Cause”
shall mean:

 

(i) conduct
by the Executive constituting a material act of

 

2

 

willful
misconduct in connection with the performance of his duties,  including, without
limitation, misappropriation of funds or property of the  Company or any of its
subsidiaries or affiliates other than the occasional,  customary and de minimis use
of Company property for personal purposes; or  

 

(ii) the commission by the Executive of any
felony or a  misdemeanor
involving moral turpitude, deceit, dishonesty or fraud, or any  conduct by the Executive
that would reasonably be expected to result in  material injury to the Company or any of its
subsidiaries and affiliates if  he were retained in his position; or  

 

(iii) continued, willful and deliberate
non-performance by the
Executive of his duties to the Company (other than by reason of the  Executive’s physical or
mental illness, incapacity or disability) which has continued for more than 30
days following written notice of such non-performance from the  Board; or  

 

(iv) a violation by the Executive of the
Company’s employment  policies which
has continued following written notice of such violation  from the Chief Executive
Officer; or

 

(v) willful failure to cooperate with a bona
fide internal  investigation
or an investigation by regulatory or law enforcement  authorities, after being instructed by the
Company to cooperate, or the  willful destruction or failure to preserve documents or other materials  known to be relevant to such
investigation or the willful inducement of  others to fail to cooperate or to produce
documents or other materials.

 

A
Terminating Event shall not be deemed to have occurred pursuant to this  Section 3(a) solely
as a result of the Executive being an employee of any direct  or indirect successor to the
business or assets of the Company, rather than  continuing as an employee of the Company
following a Change in Control. For  purposes of clauses (i), (iii) and (v) hereof,
no act, or failure to act, on the  Executive’s part shall be deemed “willful”
unless done, or omitted to be done,  by the Executive without reasonable belief
that the Executive’s act, or failure  to act, was in the best interests of the
Company and its subsidiaries and  affiliates. For purposes hereof, the
Executive will be considered “Disabled” if,  as a result of the Executive’s incapacity due
to physical or mental illness, the  Executive shall have been absent from his
duties to the Company on a full-time  basis for 180 calendar days in the aggregate
in any 12-month period.

 

(b) Termination
by the Executive for Good Reason. Termination by the  Executive of the Executive’s employment with
the Company for Good Reason. For  purposes of this Agreement, “Good Reason”
shall mean the occurrence of any of  the following events:  

 

3

 

(i) a substantial diminution or other
substantial adverse change,  not consented to by the Executive, in the nature or scope of the  Executive’s
responsibilities, authorities, powers, functions or duties from  the responsibilities,
authorities, powers, functions or duties exercised by  the Executive immediately
prior to the Terminating Event; or

 

(ii) a material reduction in the Executive’s
annual base salary  or targeted
total annual cash compensation (i.e., base salary and targeted  bonus) as in effect on the
date hereof or as the same may be increased from  time to time hereafter except for
across-the-board reductions similarly  affecting all or substantially all management
employees; or

 

(iii) the relocation of the Company’s offices
at which the  Executive is
principally employed immediately prior to the date of a  Terminating Event (the “Current
Offices”) to any other location more than  50 miles from the Current Offices, or the
requirement by the Company for  the Executive to be based anywhere other than
the Current Offices, except  for required travel on the Company’s business to an extent
substantially  consistent with
the Executive’s business travel obligations immediately  prior to the Terminating
Event; or

 

(iv) the failure by the Company to obtain an
effective agreement  from any
successor to assume and agree to perform this Agreement, as  required by Section 20.

 

4.
Severance and Change in Control Payments.

 

(a) In
the event a Terminating Event occurs within 12 months after a Change in
Control, the following shall occur:

 

(i) the Company shall pay to the Executive an
amount equal to  the sum of (x) one-half
of the Executive’s annual base salary in effect  immediately prior to the Terminating Event
(or the Executive’s annual base  salary in effect immediately prior to the
Change in Control, if higher) and  (y) provided that the Company achieves
its corporate performance targets  for the period, a pro rated portion of the
Executive’s targeted annual  bonus for the period in which the Change in Control occurred, payable
in  one lump-sum
payment no later than three days following the Date of  Termination (provided that
any pro rated bonus amount shall be payable no  later then three days following the date on
which such bonus is payable to  other management employees);

 

(ii) subject to the Executive’s copayment of
premium amounts at the active employees’ rate, the Executive shall continue to
participate in the Company’s group health, dental and vision program for six
months;

 

4

 

provided,
however, that the continuation of health benefits under this  Section shall reduce
and count against the Executive’s rights under the  Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended
(“COBRA”); and

 

(iii) all stock options and other stock-based
awards granted to  the Executive
by the Company shall immediately accelerate and become  exercisable or
non-forfeitable as of the effective date of such Change in  Control.  

 

(b) In
the event a Terminating Event occurs prior to a Change in  Control, the following shall
occur:

 

(i) the Company shall pay to the Executive an
amount equal to  the sum of (x) one-half
of the Executive’s annual base salary in effect  immediately prior to the Terminating Event
and (y) provided that the  Company achieves its corporate performance
targets for the period, a pro  rated portion of the Executive’s targeted annual bonus for the period
in  which the
Terminating Event occurred, payable in one lump-sum payment no  later than three days
following the Date of Termination (provided that any  pro rated bonus amount shall be payable no
later than three days following  the date on which such bonus is payable to
other management employees); and

 

(ii) subject to the Executive’s copayment of
premium amounts at  the active
employees’ rate, the Executive shall continue to participate in  the Company’s group health,
dental and vision program for six months;  provided, however, that the continuation of
health benefits under this  Section shall reduce and count against the Executive’s rights
under COBRA.

 

(c) Notwithstanding
anything to the contrary in any applicable option  agreement or stock-based award agreement,
upon a Change in Control, all stock  options and other stock-based awards granted
to the Executive (whether before or after the date of this Agreement) by the
Company shall immediately accelerate twelve (12) months so that the shares that
would have vested in the one-year period following such  Change in Control would
become immediately vested and the remaining unvested  shares would continue to vest in accordance
with their terms but on a schedule  that would be twelve (12) months earlier than
had the Change in Control not  transpired. The Executive shall also be entitled to any other rights
and  benefits with
respect to stock-related awards, to the extent and upon the terms  provided in the employee
stock option or incentive plan or any agreement or  other instrument attendant thereto pursuant
to which such options or awards were  granted.

 

(d) Anything
in this Agreement to the contrary notwithstanding, if at the time of the
Executive’s termination of employment, the Executive is considered a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i)

 

5

 

of
the Internal Revenue Code of 1986, as amended (the “Code”), and if any  payment that the Executive
becomes entitled to under this Agreement is  considered deferred compensation subject to
interest and additional tax imposed  pursuant to Section 409A(a) of the
Code as a result of the application of  Section 409A(a)(2)(B)(i) of the
Code, then no such payment shall be payable  prior to the date that is the earliest of (i) six
months after the Executive’s  Date of Termination, (ii) the Executive’s death, or (iii) such
other date as  will cause such
payment not to be subject to such interest and additional tax,  and the initial payment
shall include a catch-up amount covering amounts that  would otherwise have been
paid during the first six-month period but for the  application of this Section 4(e).  

 

5.
ADDITIONAL LIMITATION.

 

(a) Additional
Limitation. Anything in this Agreement to the contrary  notwithstanding, in the
event that any compensation, payment or distribution by  the Company to or for the
benefit of the Executive, whether paid or payable or  distributed or distributable pursuant to the
terms of this Agreement or  otherwise (the “Severance Payments”), would be subject to the excise
tax imposed  by Section 4999
of the Code, then the benefits payable under this Agreement  shall be reduced (but not
below zero) to the extent necessary so that the  maximum Severance Payments shall not exceed
the Threshold Amount. To the extent  that there is more than one method of
reducing the payments to bring them within  the Threshold Amount, the Executive shall
determine which method shall be  followed; provided that if the Executive
fails to make such determination within  15 business days after the Company has sent
the Executive written notice of the  need for such reduction, the Company may
determine the amount of such reduction  in its sole discretion.

 

For
the purposes of this Section 5(a), “Threshold Amount” shall mean three  times the Executive’s “base
amount” within the meaning of Section 280G(b)(3) of  the Code and the regulations
promulgated thereunder less one dollar ($1.00); and  “Excise Tax” shall mean the excise tax
imposed by Section 4999 of the Code, and  any interest or penalties incurred by the
Executive with respect to such excise  tax.

 

6.
Term. This Agreement shall take effect on the date first set forth above  and shall terminate upon the
earlier of (a) the termination of the Executive’s  employment with the Company
for any reason other than the occurrence of a  Terminating Event, or (b) the date which
is 12 months after a Change in Control  if the Executive is still employed by the
Company.

 

7.
Withholding. All payments made by the Company under this Agreement shall  be net of any tax or other
amounts required to be withheld by the Company under applicable law.

 

6

 

8.
Notice and Date of Termination.

 

(a) Notice
of Termination. During the term of this Agreement, any  purported termination of the
Executive’s employment (other than by reason of  death) shall be communicated by written Notice
of Termination from one party  hereto to the other party hereto in accordance with this Section 8.
For purposes  of this
Agreement, a “Notice of Termination” shall mean a notice which shall  indicate the specific
termination provision in this Agreement relied upon and  the Date of Termination.

 

(b) Date
of Termination. “Date of Termination,” with respect to any  purported termination of the
Executive’s employment during the term of this  Agreement, shall mean the date specified in
the Notice of Termination. In the  case of a termination by the Company
following a Change in Control other than a  termination for Cause (which may be effective
immediately), the Date of  Termination shall not be less than 30 days after the Notice of
Termination is  given. In the
case of a termination by the Executive, the Date of Termination  shall not be less than 30
days from the date such Notice of Termination is  given. Notwithstanding the foregoing, in the
event that the Executive gives a  Notice of Termination to the Company, the Company
may unilaterally accelerate  the Date of Termination and such acceleration shall not result in a
termination  by the Company
for purposes of this Agreement.

 

9.
No Mitigation. The Company agrees that, if the Executive’s employment by  the Company is terminated
during the term of this Agreement, the Executive is  not required to seek other employment or to
attempt in any way to reduce any  amounts payable to the Executive by the
Company pursuant to Section 4 hereof.  Further, the amount of any payment provided
for in this Agreement shall not be  reduced by any compensation earned by the
Executive as the result of employment  by another employer, by retirement benefits,
by offset against any amount  claimed to be owed by the Executive to the Company or otherwise.

 

10.
Arbitration of Disputes. Any controversy or claim arising out of or  relating to this Agreement
or the breach thereof or otherwise arising out of the  Executive’s employment or
the termination of that employment (including, without  limitation, any claims of
unlawful employment discrimination whether based on  age or otherwise) shall, to the fullest
extent permitted by law, be settled by  arbitration in any forum and form agreed upon
by the parties or, in the absence  of such an agreement, under the auspices of
the American Arbitration Association  (“AAA”) in Boston, Massachusetts in
accordance with the Employment Dispute  Resolution Rules of the AAA, including,
but not limited to, the rules and  procedures applicable to the selection of
arbitrators. In the event that any  person or entity other than the Executive or
the Company may be a party with  regard to any such controversy or claim, such
controversy or claim shall be  

 

7

 

submitted
to arbitration subject to such other person or entity’s agreement.

 

Judgment
upon the award rendered by the arbitrator may be entered in any court  having jurisdiction thereof.
This Section 10 shall be specifically enforceable.  Notwithstanding the
foregoing, this Section 10 shall not preclude either party  from pursuing a court action
for the sole purpose of obtaining a temporary  restraining order or a preliminary injunction
in circumstances in which such  relief is appropriate; provided that any
other relief shall be pursued through  an arbitration proceeding pursuant to this Section 10.

 

11.
Consent to Jurisdiction. To the extent that any court action is  permitted consistent with or
to enforce Section 10 of this Agreement, the  parties hereby consent to the jurisdiction of
the Superior Court of the  Commonwealth of Massachusetts and the United States District Court for
the  District of
Massachusetts. Accordingly, with respect to any such court action,  the Executive (a) submits
to the personal jurisdiction of such courts; (b)  consents to service of process; and (c) waives
any other requirement (whether  imposed by statute, rule of court, or
otherwise) with respect to personal  jurisdiction or service of process.

 

12.
Integration. This Agreement shall constitute the sole and entire  agreement among the parties
with respect to the subject matter hereof, and  supersedes and cancels all prior, concurrent
and/or contemporaneous
arrangements, understandings, promises, programs, policies, plans,
practices,  offers,
agreements and/or discussions, whether written or oral, by or among the  parties regarding the
subject matter hereof; provided, however, that this Agreement is not intended
to, and shall not, supersede, affect, limit, modify or terminate any of the
following, all of which shall remain in full force and effect in accordance
with their respective terms: (i) any written agreements, programs,
policies, plans, arrangements or practices of the Company that do not relate to
the subject matter hereof; (ii) any written  stock or stock option agreements between the
Executive and the Company (except  as expressly modified hereby); and (iii) any
written agreements between  Executive and the Company concerning noncompetition, non-solicitation,
inventions  and/or
nondisclosure obligations.

 

13.
Successor to the Executive. This Agreement shall inure to the benefit  of and be enforceable by the
Executive’s personal representatives, executors,  administrators, heirs, distributees, devisees
and legatees. In the event of the  Executive’s death after a Terminating Event
but prior to the completion by the  Company of all payments due him under Section 4
of this Agreement, the Company  shall continue such payments to the Executive’s
beneficiary designated in  writing to the Company prior to his death (or to his estate, if the
Executive  fails to make
such designation).

 

14.
Enforceability. If any portion or provision of this Agreement shall to any
extent be declared illegal or unenforceable by a court of competent

 

8

 

jurisdiction,
then the remainder of this Agreement, or the application of such  portion or provision in
circumstances other than those as to which it is so  declared illegal or unenforceable, shall not
be affected thereby, and each  portion and provision of this Agreement shall be valid and enforceable
to the  fullest extent
permitted by law.

 

15.
Waiver. No waiver of any provision hereof shall be effective unless  made in writing and signed
by the waiving party. The failure of any party to  require the performance of any term or
obligation of this Agreement, or the  waiver by any party of any breach of this
Agreement, shall not prevent any  subsequent enforcement of such term or
obligation or be deemed a waiver of any  subsequent breach.

 

16.
Notices. Any notices, requests, demands and other communications  provided for by this
Agreement shall be sufficient if in writing and delivered  in person or sent by
registered or certified mail, postage prepaid, to the  Executive at the last
address the Executive has filed in writing with the  Company, or to the Company at its main
office, attention of the Board of  Directors.  

 

17.
Amendment. This Agreement may be amended or modified only by a written  instrument signed by the
Executive and by a duly authorized representative of  the Company.

 

18.
Effect on Other Plans. An election by the Executive to resign for Good  Reason under the provisions
of this Agreement shall not be deemed a voluntary  termination of employment by the Executive
for the purpose of interpreting the  provisions of any of the Company’s benefit
plans, programs or policies. Nothing  in this Agreement shall be construed to limit
the rights of the Executive under  the Company’s benefit plans, programs or
policies except as otherwise provided  in Section 5 hereof, and except that the
Executive shall have no rights to any  severance benefits under any Company
severance pay plan.

 

19.
Governing Law. This is a Massachusetts contract and shall be construed  under and be governed in all
respects by the laws of the Commonwealth of  Massachusetts, without giving effect to the
conflict of laws principles of such  Commonwealth. With respect to any disputes
concerning federal law, such disputes  shall be determined in accordance with the
law as it would be interpreted and  applied by the United States Court of Appeals
for the First Circuit.

 

20.
Successors to Company. The Company shall require any successor (whether  direct or indirect, by
purchase, merger, consolidation or otherwise) to all or  substantially all of the
business or assets of the Company to expressly assume  and agree to perform this
Agreement in the same manner and to the same extent  that the Company would be required to perform
if no such succession had taken  place. Failure of the Company to obtain an
assumption of this Agreement at or

 

9

 

prior
to the effectiveness of any succession shall be a breach of this Agreement  and shall constitute Good
Reason if the Executive elects to terminate  employment.

 

21.
Gender Neutral. Wherever used herein, a pronoun in the masculine gender  shall be considered as
including the feminine gender unless the context clearly  indicates otherwise.

 

22.
Confidential Information. The Executive shall never use, publish or  disclose in a manner adverse
to the Company’s interests, any proprietary or  confidential information relating to (a) the
business, operations or properties  of the Company or any subsidiary or other
affiliate of the Company, or (b) any  materials, processes, business practices,
technology, know-how, research,  programs, customer lists, customer
requirements or other information used in the  manufacture, sale or marketing of any of the
respective products or services of  the Company or any subsidiary or other
affiliate of the Company; provided,  however, that no breach or alleged breach of
this Section 22 shall entitle the Company to fail to comply fully and in a
timely manner with any other provision hereof. Nothing in this Agreement shall
preclude the Company from seeking money damages, or equitable relief by injunction
or otherwise without the necessity of proving actual damage to the  Company, for any breach by
the Executive hereunder.

 

23.
Conditions of Benefits. The amounts payable to the Executive by the  Company pursuant to Section 4
hereof shall be condition upon, and payable only  if, the Executive: (a) executes a
general release in a form and of a scope  reasonably acceptable to the Company; (b) returns
all property, equipment,
confidential information and documentation of the Company; (c) has
complied and  continues to
comply in all material respects with any noncompetition, inventions  and/or nondisclosure
obligations that the Executive may owe to the Company,  whether pursuant to an
agreement or applicable law; and (d) provides a signed,  written resignation of Executive’s
status as an officer and director (if  applicable) of the Company and, if
applicable, its subsidiaries.

 

10

 

IN
WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the
Company by its duly authorized officer, and by the Executive, as of the date
first above written.

 

 

	
   

  	
  VIRTUSA
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Kris
  Canekeratne

  
	
   

  	
   

  	
  Name:
  Kris Canekeratne

  
	
   

  	
   

  	
  Title:
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Raj Rajgopal

  
	
   

  	
   

  	
  Name:
  Raj Rajgopal

  
	
   

  	
   

  	
  Title:
  Executive Vice President, Business

  
	
   

  	
   

  	
  Development
  and Client Services

  

 

11

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