4/A: Rimini Street Executive Kevin Maddock Amends Form 4 to Disclose Sell-to-Cover Transactions

Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, amends his Form 4 filing to include automatic sell-to-cover transactions related to tax obligations from vesting Restricted Stock Units and Performance Units.

Summary

• Kevin Maddock, an executive at Rimini Street, filed an amended Form 4 to report transactions involving the company's stock.
• The amendment addresses automatic 'sell-to-cover' transactions related to withholding tax obligations when Restricted Stock Units (RSUs) and Performance Units vested.
• These sales occurred over a three-day period in April 2025 and were managed by the company's stock plan administrator.
• Maddock did not initiate or control the timing of these sales, and the information was reported to him after the fact.
• The transactions involved the vesting of RSUs and Performance Units granted in previous years, with remaining portions scheduled to vest in the future, contingent on continued service.
• Specifically, 5,089 Restricted Stock Units and 15,368 Performance Units vested on April 3, 2025.
• The sell-to-cover transactions resulted in the sale of 1,955 shares at $3.1856 related to RSUs and 5,890 shares at $3.1856 related to Performance Units.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing. The transactions are part of a standard compensation plan, and the amendment is simply to provide complete information. There is nothing inherently positive or negative about the filing itself.

Positives

• The filing provides transparency regarding executive stock transactions.
• The automatic sell-to-cover mechanism simplifies tax obligations for employees.

Future Outlook

Remaining portions of the RSUs and Performance Units are scheduled to vest on April 3, 2026, contingent on continued service.

Industry Context

Form 4 filings are standard practice for reporting insider transactions and are common across publicly traded companies.

Comparison to Industry Standards

• Sell-to-cover transactions are a common mechanism used by companies like Rimini Street to manage tax obligations related to equity compensation, similar to practices at companies like Oracle and SAP who also provide equity compensation to employees.
• The vesting schedules of one-third per year are also typical in the tech industry, aligning with retention strategies seen at companies like Salesforce and Workday.

Stakeholder Impact

• Shareholders are informed about executive stock transactions.
• Employees benefit from the automatic sell-to-cover mechanism for managing tax obligations.

Key Dates

Keywords

Form 4, Rimini Street, Kevin Maddock, Restricted Stock Units, Performance Units, Sell-to-cover, Vesting, Executive Compensation, Stock Transactions