Form 4: Rimini Street Executive Kevin Maddock Sells Shares to Cover Tax Obligations

Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, sold shares to cover tax obligations related to vesting of restricted stock units.

Summary

• On February 3, 2025, Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, engaged in transactions involving the company's common stock.
• Maddock disposed of 5,615 shares of common stock at a price of $2.788 per share.
• This sale was an automatically-triggered 'sell-to-cover' transaction to satisfy withholding tax obligations related to the vesting of restricted stock units.
• The sale resulted in Maddock's beneficial ownership decreasing to 116,968 shares.
• Additionally, 13,334 Restricted Stock Units vested on February 3, 2025, converting into common stock.
• These units were part of a grant of 40,000 Restricted Stock Units awarded on February 3, 2022, vesting in three equal installments annually.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing related to stock transactions by an executive. It doesn't inherently convey positive or negative sentiment.

Industry Context

Executive stock sales are a common occurrence in publicly traded companies, often related to compensation and tax planning. The 'sell-to-cover' mechanism is a standard practice to manage tax obligations associated with equity compensation.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it involves a small percentage of outstanding shares.
• Employees may be interested in executive stock transactions as an indicator of company performance and executive sentiment.

Key Dates

Keywords

Rimini Street, Kevin Maddock, RMNI, Form 4, Stock Sale, Restricted Stock Units, Tax Withholding, Beneficial Ownership, EVP, Chief Recurring Revenue Officer