Form 4: Rimini Street CFO Michael Perica Executes Stock Transactions Following RSU Vesting
SEC Form 4 Filing
Rimini Street's EVP and CFO, Michael Perica, engaged in stock transactions involving the vesting of restricted stock units and subsequent sell-to-cover activity to meet tax obligations.
Summary
- Michael Perica, the EVP and Chief Financial Officer of Rimini Street, Inc., executed transactions involving the company's common stock on December 13, 2024.
- These transactions were related to the vesting of 8,334 restricted stock units (RSUs) that were granted on December 13, 2021.
- Upon vesting, Perica acquired 8,334 shares of common stock and simultaneously sold 3,433 shares at a price of $2.2049 per share to cover tax obligations.
- Following these transactions, Perica directly owns 154,259 shares of Rimini Street common stock.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to executive compensation, which is neither positive nor negative for the company's overall performance. The sentiment is neutral to slightly positive as it indicates the executive is receiving their compensation as planned.
Industry Context
This is a routine transaction related to executive compensation and is common practice for companies that use equity-based compensation.
Comparison to Industry Standards
- The vesting of restricted stock units and subsequent sell-to-cover transactions are standard practices in executive compensation across various industries.
- Many technology companies use RSUs as part of their compensation packages, and the sell-to-cover mechanism is a common way to manage tax obligations for employees.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve a small number of shares relative to the total outstanding shares.
- The transactions are part of the executive's compensation package and do not indicate any change in the company's financial health or strategy.
Key Dates
| Date | Description |
|---|---|
| 12/13/2021 | Michael Perica was granted 25,000 Restricted Stock Units. |
| 12/13/2022 | One-third of the Restricted Stock Units granted on December 13, 2021, vested. |
| 12/13/2023 | Another one-third of the Restricted Stock Units granted on December 13, 2021, vested. |
| 12/13/2024 | The final one-third of the Restricted Stock Units granted on December 13, 2021, vested, and related stock transactions occurred. |
| 12/17/2024 | The SEC Form 4 was signed by Celeste Rasmussen Peiffer, as Attorney-in-Fact. |
Keywords
Rimini Street, RMNI, Michael Perica, Restricted Stock Units, RSU, Stock Transaction, Sell-to-Cover, Executive Compensation, SEC Form 4
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