Form 4: Rimini Street Executive Kevin Maddock Reports Stock Transactions
SEC Form 4 Filing
EVP Kevin Maddock reports the vesting of restricted stock units and subsequent sale of shares to cover tax obligations.
Summary
- Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, Inc. (RMNI), reported transactions involving the company's common stock on February 23, 2024.
- Maddock acquired 8,334 shares of common stock through the vesting of restricted stock units (RSUs).
- Simultaneously, Maddock sold 3,410 shares at a price of $3.1312 per share to cover withholding tax obligations related to the RSU vesting.
- Following these transactions, Maddock directly owns 91,123 shares of Rimini Street common stock.
- The vesting of the RSUs was part of a grant made on February 23, 2021, where 25,000 RSUs were awarded, vesting in three equal installments annually.
Sentiment
Score: 5
Explanation: The document reflects standard insider trading activity related to stock compensation. It's neutral in sentiment as it simply reports transactions.
Industry Context
This Form 4 filing is a routine disclosure of insider transactions, common for publicly traded companies. It provides transparency into the trading activities of company executives.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they are related to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 02/23/2021 | Reporting Person was granted 25,000 Restricted Stock Units |
| 02/23/2022 | One-third of Restricted Stock Units vested |
| 02/23/2023 | One-third of Restricted Stock Units vested |
| 02/23/2024 | Final one-third of Restricted Stock Units vested; stock sold to cover tax obligations |
| 02/27/2024 | Date of Form 4 signature |
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