Form 4: Rimini Street CEO Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Rimini Street's CEO, Seth A. Ravin, sold shares of common stock to cover withholding tax obligations related to vesting events.
Summary
- On April 8, 2024, Seth A. Ravin, the President, CEO, and Chairman of Rimini Street, Inc., sold 82,071 shares of common stock at a price of $2.977 per share.
- This transaction was automatically triggered to cover withholding tax obligations associated with the vesting of Restricted Stock Units and Performance Units.
- Ravin had no control over the timing of the sale, which was initiated by Rimini Street.
- Following the transaction, Ravin directly owns 425,955 shares of common stock and indirectly owns 10,491,309 shares through the SAR Trust.
Sentiment
Score: 6
Explanation: The document describes a routine transaction related to tax obligations. It is neither particularly positive nor negative.
Industry Context
This is a routine transaction related to executive compensation and tax obligations. It is common for executives to sell shares to cover taxes when stock options or restricted stock units vest.
Stakeholder Impact
- The sale of shares by the CEO could have a minor impact on shareholder sentiment, but is unlikely to be significant given the reason for the sale.
Key Dates
| Date | Description |
|---|---|
| 04/05/2024 | Date of Reporting Person's Form 4 filing regarding associated Restricted Stock Unit and Performance Unit vesting events. |
| 04/08/2024 | Date of the reported transaction: sale of common stock to cover tax obligations. |
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