Form 4: Rimini Street Executive Kevin Maddock Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, sold 8,210 shares of common stock on April 8, 2024, to cover withholding tax obligations related to vesting events.
Summary
- On April 8, 2024, Kevin Maddock, EVP and Chief Recurring Revenue Officer of Rimini Street, sold 8,210 shares of the company's common stock.
- The sale was executed at a price of $2.977 per share.
- This transaction was automatically triggered to cover withholding tax obligations associated with the vesting of Restricted Stock Units and Performance Units.
- Following the transaction, Maddock directly owns 107,231 shares of Rimini Street.
Sentiment
Score: 5
Explanation: The document describes a routine transaction related to tax obligations, which is neither particularly positive nor negative.
Industry Context
Executive stock sales are a common occurrence, often related to compensation and tax planning. The 'sell-to-cover' mechanism is a standard practice to manage tax liabilities associated with equity compensation.
Stakeholder Impact
- The sale of shares by an executive could have a minor impact on shareholder sentiment, but the reason for the sale (tax obligations) is a common and generally understood practice.
Key Dates
| Date | Description |
|---|---|
| 04/05/2024 | Date of previous Form 4 filing regarding associated Restricted Stock Unit and Performance Unit vesting events. |
| 04/08/2024 | Date of the reported transaction: sale of 8,210 shares of common stock. |
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