Form 4: Rimini Street CEO Seth Ravin Exercises Stock Options and Performance Units
SEC Form 4 Filing
Rimini Street's CEO, Seth Ravin, executed stock options and performance units, resulting in adjustments to his beneficial ownership of company stock.
Summary
- On April 3, 2024, Seth A. Ravin, the President, CEO & Chairman of Rimini Street, Inc., executed transactions involving restricted stock units and performance units.
- 76,334 Restricted Stock Units vested, converting into common stock.
- 192,109 Performance Units vested, also converting into common stock.
- These transactions adjusted Ravin's direct and indirect beneficial ownership of Rimini Street's common stock.
- Following these transactions, Ravin directly owns 508,026 shares of common stock and indirectly owns 10,491,309 shares through the SAR Trust.
- He also directly owns 152,673 Restricted Stock Units and 384,226 Performance Units.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock option exercises, which is neutral in sentiment.
Future Outlook
The remaining two-thirds of the vested Restricted Stock Units and Performance Units will vest ratably on April 3, 2025, and April 3, 2026, contingent upon continued service.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The vesting of stock options and performance units can dilute existing shareholders' equity, although the impact is likely minimal given the size of the transaction relative to the company's overall capitalization.
Key Dates
| Date | Description |
|---|---|
| 04/03/2023 | Reporting Person was granted 229,007 Restricted Stock Units, one-third of which vested on April 3, 2024. |
| 02/28/2024 | Date the Issuer filed its Annual Report on Form 10-K for the year ended December 31, 2023. |
| 04/03/2024 | Date of transaction: vesting of Restricted Stock Units and Performance Units. |
| 04/03/2025 | Remaining two-thirds of Restricted Stock Units and Earned Performance Units vest ratably. |
| 04/03/2026 | Remaining two-thirds of Restricted Stock Units and Earned Performance Units vest ratably. |
| 04/05/2024 | Date of signature on the Form 4 filing. |
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