Maddock Kevin 4/A
4/A · Rimini Street, Inc. · Filed Apr 9, 2026
Research Summary
AI-generated summary of this filing
Rimini Street (RMNI) EVP Kevin Maddock Sells Shares & Exercises Units
What Happened Kevin Maddock, EVP & Chief Recurring Revenue Officer of Rimini Street (RMNI), had vested/converted equity on April 3, 2026 and the company-recorded transactions show automatic sell‑to‑cover sales tied to that vesting. Specifically, 20,461 shares vested/converted at a $0 exercise cost (5,090 RSUs + 15,371 earned Performance Units). Separately, 7,648 shares were sold in open‑market sell‑to‑cover trades at $3.35 per share for total proceeds of $25,620. Net after the sell‑to‑cover, Maddock received approximately 12,813 shares (20,461 vesting less 7,648 sold).
Key Details
- Vesting / exercise date: April 3, 2026 (derivative conversions exercised at $0).
- Sell‑to‑cover sales: 7,648 shares total (1,906 + 5,742) at $3.35/share = $25,620 in proceeds.
- Net shares retained from the event: ~12,813 shares (20,461 vested − 7,648 sold).
- Footnotes: Sales were automatic "sell‑to‑cover" transactions to satisfy tax withholding on RSU and Performance Unit vesting (Reporting Person did not initiate or control timing). The Form 4 was amended to add these sell‑to‑cover transactions; sales were processed April 7–9 and reported in the April 9, 2026 amended filing.
- Derivative note: The exercised/converted units were restricted stock units and earned performance units that vested (each unit converts to one share upon vesting).
- Filing status: This is an amended Form 4 adding the automatic sell‑to‑cover trades; the Reporting Person states he did not initiate the sales.
Context Sell‑to‑cover transactions are routine, automatic sales used solely to pay withholding taxes when RSUs or performance units vest; they do not necessarily signal the insider’s view on the company’s stock. This report reflects a vesting event with partial automatic sales to cover taxes rather than an open‑market sale initiated by the insider.
Insider Transaction Report
- Exercise/Conversion
Common Stock
2026-04-03+5,090→ 192,568 total - Exercise/Conversion
Common Stock
[F1]2026-04-03+15,371→ 207,939 total - Sale
Common Stock
[F2][F3]2026-04-03$3.35/sh−1,906$6,385→ 206,033 total - Sale
Common Stock
[F2][F4]2026-04-03$3.35/sh−5,742$19,235→ 200,291 total - Exercise/Conversion
Restricted Stock Units
[F5][F6]2026-04-03−5,090→ 0 total→ Common Stock (5,090 underlying) - Exercise/Conversion
Performance Units
[F7][F8]2026-04-03−15,371→ 0 total→ Common Stock (15,371 underlying)
Footnotes (8)
- [F1]Represents one-third of the total 46,106 "Earned Performance Units" (as previously reported by the Reporting Person on a Form 4 dated February 28, 2024) under the terms of the Issuer's 2023 Long-Term Incentive Plan based upon the Issuer's achievement against a target "Adjusted EBITDA" goal for fiscal year 2023 and the Issuer's achievement against a target "Total Revenue" performance goal for fiscal year 2023, effective as of February 28, 2024 (the date the Issuer filed its Annual Report on Form 10-K for the year ended December 31, 2023).
- [F2]The Reporting Person is amending his Form 4 filed April 7, 2026, to add automatic "sell-to-cover" transactions related to the payment of withholding tax obligations pursuant to the Issuer's policy for tax withholdings associated with Restricted Stock Unit and Performance Unit vesting events. The sales occurred over a three-day period (April 7, 8 and 9) and were processed by the Company's stock plan administrator. The Reporting Person did not initiate the sales and had no control over the timing of the sales. The sales were not reported by the Company's stock plan administrator to the Reporting Person until April 9, 2026.
- [F3]Reported transaction is an automatically-triggered "sell-to-cover" transaction related to the payment of withholding tax obligations pursuant to the Issuer's policy for tax withholdings associated with Restricted Stock Unit vesting events. The Reporting Person did not initiate the sale.
- [F4]Reported transaction is an automatically-triggered "sell-to-cover" transaction related to the payment of withholding tax obligations pursuant to the Issuer's policy for tax withholdings associated with Performance Unit vesting events. The Reporting Person did not initiate the sale.
- [F5]Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's Common Stock upon vesting.
- [F6]On April 3, 2023, the Reporting Person was granted 15,267 Restricted Stock Units, one-third of which vested on April 3, 2024, one-third of which vested on April 3, 2025, and one-third of which vested on April 3, 2026, generally subject to the Reporting Person continuing to be a Service Provider (as such term is defined in the Issuer's 2013 Equity Incentive Plan) through the vesting date.
- [F7]Each Performance Unit represents a contingent right to receive one share of the Issuer's Common Stock upon vesting.
- [F8]One-third of the "Earned Performance Units" vested on April 3, 2024, one-third of the "Earned Performance Units" vested on April 3, 2025, and one-third of the "Earned Performance Units" vested on April 3, 2026, generally subject to the Reporting Person continuing to be a Service Provider (as such term is defined in the Issuer's 2013 Equity Incentive Plan) through the vesting date.