Rimini Street, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Rimini Street, Inc. on August 6, 2021, covering events that occurred on August 3, 2021. The filing details compensation adjustments approved by the Compensation Committee for the Company's Executive Vice President and Chief Financial Officer, Michael L. Perica.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation adjustments rather than financial performance results.
Material Changes
The primary material change reported is the adjustment to the compensation package for Michael L. Perica, effective October 1, 2021:
- Base Salary: Increased by $30,000, from $300,000 to $330,000 annually.
- Target Annual Incentive: Increased from $200,000 to $220,000.
- Equity Awards: Granted 15,000 stock options (exercise price $8.59) and 15,000 Restricted Stock Units (RSUs). Both vest in equal annual installments over three years.
- One-Time Bonus: Approved a $100,000 merit-based bonus, payable in four equal quarterly installments starting September 30, 2021.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on business strategy, or discussion of risks and contingencies. The equity awards and bonus are contingent upon Mr. Perica remaining employed by the Company through the applicable vesting or payment dates.
Key Facts for Investor Verification
- Verify the total annualized cost of the new compensation package for the CFO, including the $330,000 salary, $220,000 target incentive, and the amortized value of the $100,000 bonus.
- Confirm the vesting schedule and performance conditions attached to the 15,000 stock options and 15,000 RSUs under the 2013 Equity Incentive Plan.
- Review the impact of the $8.59 exercise price on the potential dilution and value of the stock option grant relative to current market prices.
- Monitor the quarterly cash outflow for the $25,000 bonus installments beginning in Q4 2021.