Form 4: Rimini Street EVP Michael Perica Reports Stock Transactions

EVP and Chief Financial Officer of Rimini Street, Michael L. Perica, reports the vesting of restricted stock units and performance units.

Summary

• Michael L. Perica, EVP & Chief Financial Officer of Rimini Street, Inc., filed a Form 4 on April 7, 2025, reporting changes in beneficial ownership.
• On April 3, 2025, Perica vested 16,963 restricted stock units and 51,229 performance units, both convertible to common stock.
• These transactions increased his direct holdings to 183,425 shares of common stock after the restricted stock unit vesting and to 234,654 shares after the performance unit vesting.
• The restricted stock units were granted on April 3, 2023, vesting in three annual installments.
• The performance units are based on Rimini Street's achievement of adjusted EBITDA and total revenue goals for fiscal year 2023 under the 2023 Long-Term Incentive Plan, vesting in three annual installments.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The vesting of performance units indicates the company met its financial targets, which is a positive sign. The filing itself is a routine disclosure.

Positives

• The vesting of performance units suggests that Rimini Street achieved its target adjusted EBITDA and total revenue goals for fiscal year 2023.
• The executive's continued vesting schedule is tied to continued service, aligning his interests with the company's long-term success.

Future Outlook

The remaining unvested portions of both the restricted stock units and performance units will vest on April 3, 2026, contingent on continued service.

Industry Context

Executive compensation through stock grants and performance-based units is a common practice in the tech industry to align management's interests with shareholder value and company performance.

Comparison to Industry Standards

• Companies like Oracle and SAP also use restricted stock units and performance-based compensation for their executives.
• The vesting schedules and performance metrics (like EBITDA and revenue) are typical for the industry.
• The specific amounts and targets would need to be compared to peer companies to assess relative generosity and difficulty.

Stakeholder Impact

• Shareholders may view the vesting of performance units positively, as it indicates the company achieved its financial goals.
• Employees may be motivated by the company's achievement of its targets, which led to the vesting of performance units for executives.

Key Dates

Keywords

Rimini Street, Michael Perica, Form 4, Beneficial Ownership, Restricted Stock Units, Performance Units, Vesting, EBITDA, Revenue, Executive Compensation