Form 4: Rimini Street Executive Kevin Maddock Reports Stock Unit Vesting

EVP Kevin Maddock reports the vesting of restricted stock units and performance units in Rimini Street, Inc.

Summary

• Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, Inc., reported the vesting of restricted stock units and performance units on April 3, 2024.
• 5,088 restricted stock units vested, representing a contingent right to receive one share of Rimini Street's common stock per unit.
• 15,367 performance units also vested, based on the company's achievement of adjusted EBITDA and total revenue goals for fiscal year 2023.
• Following these transactions, Maddock directly owns 100,074 shares of common stock and 10,179 restricted stock units, and 30,739 performance units.

Sentiment

Score: 6

Explanation: Neutral sentiment as it's a standard reporting of stock vesting. The vesting of performance units based on financial goals is mildly positive.

Positives

• The vesting of performance units suggests that Rimini Street achieved its adjusted EBITDA and total revenue goals for fiscal year 2023.

Future Outlook

The remaining two-thirds of the restricted stock units and performance units will vest ratably on April 3, 2025, and April 3, 2026, subject to continued service.

Industry Context

This filing is a routine disclosure related to executive compensation and equity awards, common in publicly traded companies. It reflects the company's performance-based compensation structure.

Comparison to Industry Standards

• Equity compensation is a standard practice in the tech industry to align executive interests with shareholder value.
• Companies like Oracle and SAP also use stock options and restricted stock units as part of their executive compensation packages.
• The vesting schedules and performance metrics used by Rimini Street are likely comparable to those of its peers in the software and IT services sectors.

Stakeholder Impact

• The vesting of performance units could be viewed positively by shareholders as it indicates the company met its financial targets.

Key Dates