4/A: Rimini Street CEO Seth Ravin Amends Form 4 to Reflect Sell-to-Cover Transactions
SEC Form 4/A (Amendment)
Seth Ravin, CEO of Rimini Street, files an amended Form 4 to include automatic sell-to-cover transactions related to tax obligations from vesting Restricted Stock Units and Performance Units.
Summary
- Seth Ravin, the CEO, President, and Chairman of Rimini Street, Inc., filed an amendment to his Form 4 on April 8, 2025, to report automatic 'sell-to-cover' transactions.
- These transactions were related to the payment of withholding tax obligations associated with the vesting of Restricted Stock Units (RSUs) and Performance Units.
- The sales occurred over a three-day period (April 3, 6 and 7, 2025) and were processed by the Company's stock plan administrator.
- Ravin did not initiate the sales and had no control over their timing, and the sales were not reported to him until April 8, 2025.
- On April 3, 2025, 76,335 Restricted Stock Units vested, and 192,109 Performance Units vested.
- The reported transactions involved the sale of 34,237 shares at $3.1856 per share related to RSUs and 86,151 shares at $3.1856 per share related to Performance Units.
- Following these transactions, Ravin directly owns 597,322 shares of common stock and indirectly owns 10,491,309 shares through the SAR Trust.
- He also owns 76,338 Restricted Stock Units and 192,117 Performance Units.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing. The sentiment is neutral as it reflects standard insider trading reporting.
Future Outlook
The remaining one-third of the Restricted Stock Units and Earned Performance Units will vest on April 3, 2026, subject to the Reporting Person continuing to be a Service Provider.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, ensuring transparency and compliance with SEC regulations.
Key Dates
| Date | Description |
|---|---|
| 04/03/2023 | Reporting Person was granted 229,007 Restricted Stock Units. |
| 03/01/2024 | Previously reported Earned Performance Units on a Form 4. |
| 02/28/2024 | Date the Issuer filed its Annual Report on Form 10-K for the year ended December 31, 2023. |
| 04/03/2024 | One-third of the Restricted Stock Units vested. |
| 04/03/2024 | One-third of the Earned Performance Units vested. |
| 04/03/2025 | Date of transaction for common stock sales and vesting of Restricted Stock Units and Performance Units. |
| 04/07/2025 | Date of transaction for common stock sales. |
| 04/08/2025 | Date of amended Form 4 filing. |
| 04/03/2026 | Remaining one-third of Restricted Stock Units will vest. |
| 04/03/2026 | Remaining one-third of Earned Performance Units will vest. |
Keywords
Form 4, Rimini Street, Seth Ravin, sell-to-cover, Restricted Stock Units, Performance Units, insider trading, vesting, tax obligations
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