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 June 10, 2022. The filing reports a material corporate event regarding the departure of a senior executive effective on the date of the report.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and separation terms.
Material Changes
On June 10, 2022, Gerard Brossard resigned as Chief Operating Officer (COO) to pursue other opportunities. The company confirmed the departure was not the result of any dispute regarding accounting principles, financial statement disclosure, or auditing procedures.
Management Commentary and Severance Arrangements
In connection with Mr. Brossard's resignation, the Company entered into an Employment Separation Agreement and Release. The agreement outlines the following severance benefits, contingent upon the execution of a release of claims:
- Cash Severance: A lump sum payment of $103,125 (representing three months of base salary), payable within 30 days of the agreement's effective date.
- Q1 2022 Bonus: 100% of earned and accrued non-equity incentive compensation for the quarter ended March 31, 2022.
- Q2 2022 Bonus: 100% of targeted bonus compensation for the quarter ended June 30, 2022, prorated for days employed. This amount is subject to reduction if company performance goals fall below target but above threshold levels.
- Healthcare: Three months of COBRA healthcare coverage for Mr. Brossard and eligible dependents at no cost.
- Equity Forfeiture: Mr. Brossard will not receive additional equity awards for fiscal year 2022, and all unvested equity awards under the 2013 Equity Incentive Plan will be forfeited.
Investor Verification Checklist
- Verify the exact payout dates for the Q1 and Q2 2022 bonus components as they align with the Company's normal payroll practices.
- Review the definitive Proxy Statement on Schedule 14A (filed April 29, 2022) for details on the Executive Cash Bonus Plan performance metrics.
- Confirm the appointment of an interim or permanent replacement for the Chief Operating Officer role.
- Assess the impact of the COO departure on ongoing operational strategy and client relationships.