Form 4: Rimini Street Executive Kevin Maddock Reports Stock Transactions
SEC Form 4 Filing
EVP Kevin Maddock reports the vesting and sale of restricted stock units and performance units to cover tax obligations.
Summary
- Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, Inc., reported transactions involving common stock, restricted stock units (RSUs), and performance units.
- On May 6, 2025, Maddock vested 16,193 RSUs and 4,534 performance units.
- He also sold 5,951 shares at $3.2848 and 1,669 shares at $3.2849 to cover tax obligations related to the vesting of these units.
- Following these transactions, Maddock directly owns 146,403 shares of common stock, 32,389 RSUs, and 9,068 performance units.
Sentiment
Score: 6
Explanation: The document is a standard SEC filing detailing stock transactions. It doesn't contain overtly positive or negative information, but reflects normal executive compensation practices.
Future Outlook
The remaining two-thirds of the RSUs and performance units will vest ratably on May 6, 2026, and May 6, 2027, contingent upon continued service.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It reflects the vesting schedule of equity-based compensation and the executive's actions to cover tax obligations.
Comparison to Industry Standards
- Executive compensation packages including RSUs and performance units are standard practice in the tech industry to align management's interests with shareholder value.
- Sell-to-cover transactions are a common mechanism for executives to manage tax liabilities associated with equity vesting, similar to practices at companies like Oracle and SAP.
- The vesting schedules (one-third per year over three years) are typical for RSU grants in the software sector.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve the sale of shares by an executive, which could slightly increase the available float.
- Employees may be interested in the vesting schedules and terms of the equity incentive plan.
Key Dates
| Date | Description |
|---|---|
| 05/06/2024 | Reporting Person was granted 48,582 Restricted Stock Units, one-third of which vested on May 6, 2025. |
| 02/27/2025 | Effective date of Earned Performance Units based on Rimini Street's 2024 performance. |
| 03/03/2025 | Date of previous Form 4 reporting Earned Performance Units. |
| 05/06/2025 | Date of transactions: vesting of RSUs and performance units, and sale of shares. |
| 05/08/2025 | Date of signature on the Form 4 filing. |
| 05/06/2026 | Next vesting date for remaining RSUs and Performance Units. |
| 05/06/2027 | Final vesting date for remaining RSUs and Performance Units. |
Keywords
Rimini Street, Kevin Maddock, RMNI, Form 4, Stock, Restricted Stock Units, Performance Units, Vesting, Sell-to-Cover, Tax Obligations, Executive Compensation
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