Form 4: Rimini Street Executive Kevin Maddock Exercises Stock Options and Performance Units
SEC Form 4
EVP and Chief Recurring Revenue Officer of Rimini Street, Kevin Maddock, reports the vesting and conversion of restricted stock units and performance units into common stock.
Summary
- On April 3, 2025, Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, exercised restricted stock units and performance units.
- Maddock converted 5,089 restricted stock units into common stock at a price of $0.
- He also converted 15,368 performance units into common stock at a price of $0.
- Following these transactions, Maddock directly owns 141,141 shares of Rimini Street common stock and holds 5,090 restricted stock units and 15,371 performance units.
- The restricted stock units were granted on April 3, 2023, and vest 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 and also vest in three annual installments.
Sentiment
Score: 5
Explanation: Neutral sentiment as it's a standard reporting of stock option exercises and vesting.
Future Outlook
The remaining unvested restricted stock units and performance units will vest on April 3, 2026, subject to continued service.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are standard practice in the technology industry.
- Companies like Oracle, SAP, and Salesforce also utilize similar equity-based compensation to align executive interests with shareholder value.
- The vesting schedules and performance-based criteria are typical for incentivizing long-term performance.
Stakeholder Impact
- The vesting of equity awards can have a minor dilutive effect on existing shareholders.
- Executive equity ownership aligns management's interests with those of shareholders.
Key Dates
| Date | Description |
|---|---|
| April 3, 2023 | Reporting Person was granted 15,267 Restricted Stock Units |
| February 28, 2024 | Date the Issuer filed its Annual Report on Form 10-K for the year ended December 31, 2023 |
| March 1, 2024 | Date of previous Form 4 reporting 46,106 Earned Performance Units |
| April 3, 2024 | One-third of Restricted Stock Units vested |
| April 3, 2024 | One-third of the Earned Performance Units vested |
| April 3, 2025 | Transaction date: exercise of restricted stock units and performance units |
| April 3, 2025 | One-third of Restricted Stock Units vested |
| April 3, 2025 | One-third of the Earned Performance Units vested |
| April 3, 2026 | Remaining one-third of Restricted Stock Units will vest |
| April 3, 2026 | Remaining one-third of the Earned Performance Units will vest |
| April 7, 2025 | Date of filing |
Keywords
Rimini Street, Kevin Maddock, stock options, performance units, restricted stock units, Form 4, RMNI, EVP, Chief Recurring Revenue Officer, vesting
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.