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| VRTU > SEC Filings for VRTU > Form 8-K on 3-Oct-2012 | All Recent SEC Filings |
3-Oct-2012
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
On September 29, 2012, Virtusa (India) Private Limited, a subsidiary of Virtusa
Corporation (the "Company") and incorporated in India ("Virtusa India"), entered
into a lease agreement with DLF Assets Private Limited, a company incorporated
in India ("DLF"), for the lease of approximately 29,218 square feet, commencing
July 1, 2012 ("Phase I"), and for an additional 44,432 square feet commencing
October 1, 2012 ("Phase II", and together with Phase I, a "Phase") in
Chennai, India (the "Lease"), each for a term of five years from their
applicable lease commencement date; provided that Virtusa India may terminate
each Phase of the Lease at any time after 30 months of commencement of the Lease
for such Phase on six months prior written notice. Under the terms of the
Lease, Virtusa India also has the right to renew each Phase for an additional
term of five years. The initial annual base rent for the Lease is approximately
$713,000 and increases 15% over the last paid rent at the end of thirty-six (36)
months to approximately $820,000 (covering both Phases). If the Lease is renewed
beyond the initial five year term, the annual base rent under the Lease
increases by an additional 15% over the last paid rent at the end of seventy-two
(72) months to $942,000, and an additional 15% over the last paid rent at the
end of one hundred and eight (108) months to an annual base rent of
approximately $1,084,000 in year 10 (if applicable) (covering both Phases). In
connection with the Lease, Virtusa India has paid an aggregate security deposit
of approximately $484,000 to DLF, which will increase on the same percentages as
the increase in the annual rents under the Lease (covering both Phases).
In addition to the base rent, Virtusa India will also pay its proportionate share of building operating expenses, maintenance expenses, insurance expenses and real estate taxes.
The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to the Lease, which is attached as Exhibit 10.1 hereto, and is incorporated herein by reference.
(d) Exhibits.
10.1 Lease Deed by and between Virtusa India Private Limited and DLF Assets Private Limited dated as of September 29, 2012.
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