Form 4: Rimini Street EVP Michael Perica Executes Sell-to-Cover Transaction Following RSU Vesting

Michael Perica, EVP & Chief Financial Officer of Rimini Street, sold shares to cover tax obligations following the vesting of restricted stock units.

Summary

• On February 23, 2024, Michael L. Perica, EVP & Chief Financial Officer of Rimini Street, Inc. [RMNI], executed a transaction involving the company's common stock.
• Perica disposed of 3,807 shares at a price of $3.1312 per share to cover withholding tax obligations related to the vesting of Restricted Stock Units (RSUs).
• This was an automatically-triggered 'sell-to-cover' transaction as per the Issuer's policy.
• The vesting of 8,334 Restricted Stock Units occurred on the same date.
• Following the reported transactions, Perica beneficially owns 100,377 shares of Rimini Street common stock.
• The RSUs were granted on February 23, 2021, vesting in three equal installments annually.

Sentiment

Score: 5

Explanation: The filing reflects a routine transaction related to executive compensation and tax obligations, indicating a neutral sentiment.

Industry Context

This type of transaction is common for executives receiving stock-based compensation. Sell-to-cover transactions are a standard mechanism to manage tax obligations associated with vesting equity.

Comparison to Industry Standards

• Sell-to-cover transactions are a common practice among publicly traded companies to facilitate the vesting of restricted stock units (RSUs) for employees and executives.
• Companies like Oracle, SAP, and Salesforce, which also utilize stock-based compensation, have similar mechanisms in place for their employees to manage tax obligations upon RSU vesting.
• The percentage of shares sold to cover taxes typically aligns with industry standards and applicable tax rates.

Key Dates