Rimini Street CRO exercises RSUs, tax sell-to-cover
Rhea-AI Filing Summary
Rimini Street, Inc. executive vice president and chief revenue officer Steven Hershkowitz converted 99,999 Restricted Stock Units into common stock and had 24,884 shares of common stock sold at $3.8743 per share in an automatically triggered sell-to-cover transaction for withholding taxes. The filing notes he did not initiate the sale. Following these transactions, he directly holds 186,992 shares of Rimini Street common stock. The RSUs stem from a 300,000-unit grant made on April 30, 2024, with one-third vesting on April 30, 2025, one-third on April 30, 2026, and the remaining one-third scheduled to vest on April 30, 2027, subject to continued service.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
3 txns
Insider
Hershkowitz Steven
Role
EVP & Chief Revenue Officer
Sold
24,884 shs ($96K)
Approx. gross sale proceeds
$96K
Approx. exercise cost
$0.00
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 99,999 | $0.00 | $0.00 |
| Exercise | Common Stock | 99,999 | $0.00 | $0.00 |
| Sale | Common Stock | 24,884 | $3.8743 | $96K |
Holdings After Transaction:
Restricted Stock Units — 100,002 contracts (Direct);
Common Stock — 186,992 shares (Direct)
Footnotes (3)
- F1. 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.
- F2. Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's Common Stock upon vesting.
- F3. On April 30, 2024, the Reporting Person was granted 300,000 Restricted Stock Units, one-third of which vested on April 30, 2025 and one-third of which vested on April 30, 2026. The remaining one-third will vest on April 30, 2027, 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 applicable vesting date.
Key Figures
Shares sold: 24,884 shares
Sale price: $3.8743 per share
Shares acquired via RSU conversion: 99,999 shares
+3 more
6 metrics
Shares sold
24,884 shares
Automatic sell-to-cover at $3.8743 per share
Sale price
$3.8743 per share
Price for 24,884 Rimini Street common shares sold
Shares acquired via RSU conversion
99,999 shares
Common stock received from Restricted Stock Unit conversion
Post-transaction holdings
186,992 shares
Common shares directly held after transactions
RSU grant size
300,000 units
Restricted Stock Units granted on April 30, 2024
RSU vesting schedule
1/3 in 2025, 1/3 in 2026, 1/3 in 2027
Vesting dates: April 30, 2025, 2026, and 2027
Key Terms
sell-to-cover, Restricted Stock Unit, withholding tax obligations, Equity Incentive Plan
4 terms
sell-to-cover financial
"Reported transaction is an automatically-triggered "sell-to-cover" transaction related to the payment of withholding tax obligations"
Sell-to-cover is when part of newly issued or exercised company stock is immediately sold to pay required taxes and fees, so the recipient keeps the remaining shares. For investors this matters because it reduces the number of shares insiders or employees actually hold after a grant, can create small, routine share sales that aren’t signal of cashing out, and slightly increases share supply on the market—like selling a portion of a paycheck to cover the tax bill.
Restricted Stock Unit financial
"Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's Common Stock"
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
withholding tax obligations financial
"related to the payment of withholding tax obligations pursuant to the Issuer's policy for tax withholdings"
Equity Incentive Plan financial
"as such term is defined in the Issuer's 2013 Equity Incentive Plan"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Rimini Street (RMNI) executive Steven Hershkowitz report in this Form 4?
Steven Hershkowitz reported converting 99,999 Restricted Stock Units into Rimini Street common stock and an automatic sale of 24,884 shares at $3.8743 per share to cover withholding taxes, leaving him with 186,992 shares held directly after the transactions.
What are the key details of Steven Hershkowitz’s Restricted Stock Unit grant at Rimini Street (RMNI)?
On April 30, 2024, Steven Hershkowitz received 300,000 Restricted Stock Units, each representing a right to one Rimini Street share. One-third vested on April 30, 2025, another third on April 30, 2026, with the final third vesting April 30, 2027, subject to continued service.
How does the RSU vesting schedule work for the Rimini Street (RMNI) grant disclosed?
The 300,000-unit Restricted Stock Unit grant vests in three equal tranches: one-third on April 30, 2025, one-third on April 30, 2026, and the remaining one-third on April 30, 2027. Vesting is generally conditioned on Steven Hershkowitz continuing as a service provider to Rimini Street.
What type of transactions are reflected in this Rimini Street (RMNI) Form 4?
The Form 4 shows a derivative exercise and a related stock sale. Hershkowitz exercised 99,999 Restricted Stock Units into common shares and an automatically triggered sell-to-cover transaction disposed of 24,884 common shares at $3.8743 to satisfy withholding tax obligations from the RSU vesting event.
AI-generated analysis. How Rhea-AI works. Not financial advice.
