Rimini Street (NASDAQ:RMNI) Executive Vice President and Chief Recurring Revenue Officer Kevin Maddock had 7,648 shares of the company's common stock sold on April 3, 2026, at a per-share price of $3.3499. The transaction produced proceeds of $25,619. According to public filings, the disposition was automatically executed to cover withholding tax obligations associated with the vesting of Restricted Stock Units and Performance Units.
The Form 4/A submitted to the Securities and Exchange Commission specifies that Maddock did not initiate the sales and did not control the timing of the transactions. On the same date, Maddock exercised option awards to acquire 5,090 shares and 15,371 shares of Rimini Street common stock at an exercise price of $0.
Market context provided in the disclosure notes the company's share price trades at $3.34 and remains close to its 52-week low of $2.87. InvestingPro analysis cited within the original disclosure characterizes the stock as appearing undervalued.
Separately, Rimini Street reported a $10.9 million reduction in debt during the first quarter of 2026. The company’s outstanding term loan balance stood at $58.4 million as of March 31, 2026. In conjunction with the debt reduction, Rimini Street amended its credit agreement to facilitate increased repurchases of its common stock. Those changes were described in a company press release and were presented as part of the firm’s efforts to manage obligations and optimize capital structure.
The documentation makes clear the insider share disposition was a mechanically triggered event to satisfy tax liabilities related to equity vesting, rather than a discretionary sale by the executive. The filings also record the simultaneous conversion of option awards into common shares at no cash cost to the executive.
Clear summary - An automatic sale of 7,648 Rimini Street shares by EVP Kevin Maddock on April 3, 2026, generated $25,619 to meet tax-withholding requirements tied to vested awards; he also exercised options to acquire a total of 20,461 shares at $0. Separately, the company reduced its term loan by $10.9 million in Q1 2026 and revised its credit agreement to support additional stock buybacks.