Form 4: Rimini Street EVP Michael Perica Reports Stock Transactions

Michael L. Perica, EVP & Chief Financial Officer of Rimini Street, Inc., reports the vesting of restricted stock units and subsequent sale of shares to cover tax obligations.

Summary

• On August 3, 2024, Michael L. Perica, EVP & Chief Financial Officer of Rimini Street, Inc., had 5,001 Restricted Stock Units (RSUs) vest.
• These RSUs represent a contingent right to receive one share of Rimini Street's Common Stock upon vesting.
• The vesting was part of a grant of 15,000 RSUs made on August 3, 2021, which vested in three equal installments annually.
• On August 5, 2024, Perica sold 2,082 shares of Common Stock at a price of $1.824 per share.
• This sale was an automatically-triggered 'sell-to-cover' transaction to meet withholding tax obligations related to the RSU vesting.
• Following these transactions, Perica directly owns 149,358 shares of Rimini Street Common Stock.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to stock transactions by a company executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about the transactions.

Industry Context

Form 4 filings are a routine part of executive compensation and provide transparency into the trading activities of company insiders. The sale of shares to cover tax obligations upon vesting of restricted stock units is a common practice.

Comparison to Industry Standards

• Executive compensation packages often include restricted stock units (RSUs) that vest over time, aligning executive incentives with long-term company performance.
• Companies like Oracle and SAP, which compete with Rimini Street in the enterprise software support market, also utilize RSUs as part of their executive compensation.
• The 'sell-to-cover' mechanism for tax obligations is a standard practice across many publicly traded companies to simplify tax reporting for employees and the company.

Stakeholder Impact

• The sale of shares by an executive could be perceived neutrally by shareholders as it is a common practice for covering tax obligations.
• The transactions do not appear to have a significant impact on employees, customers, suppliers, or creditors.

Key Dates