Rimini Street, Inc. granted Steven Hershkowitz stock options, restricted stock units and performance units effective October 1, 2026, to restore equity forfeited upon his resignation. The Compensation Committee of the Board of Directors approved the awards to replace shares underlying unvested incentive awards from the 2013 Equity Incentive Plan that were forfeited when Hershkowitz resigned on September 8, 2026.
Hershkowitz serves as the company's Executive Vice President and Chief Revenue Officer. The company reinstated him to this role on September 14, 2026, resuming the same job titles, duties and responsibilities held prior to his resignation. The new awards maintain current exercise prices and vesting terms consistent with the original grants.
The equity package includes stock options to purchase shares at a per-share price of $4.29, based on the closing price on the Nasdaq Global Market on the grant date. Each option has a ten-year term from the date of grant. The option awards are structured in four tranches with specific vesting schedules tied to Hershkowitz continuing as a Service Provider under the 2013 Plan.
| Award Type | Quantity | Vesting Schedule |
|---|---|---|
| Stock Options | 66,667 | 50% on first anniversary; 50% on December 17, 2027 |
| Stock Options | 18,301 | 50% on first anniversary; 50% on March 4, 2028 |
| Stock Options | 25,116 | One-third on first anniversary; one-third on March 2, 2028; one-third on March 2, 2029 |
| Stock Options | 100,000 | One-third on first anniversary; one-third on March 2, 2028; one-third on March 2, 2029 |
| Restricted Stock Units | 100,002 | 100% on October 1, 2027 |
| Restricted Stock Units | 66,667 | 50% on first anniversary; 50% on December 17, 2027 |
| Restricted Stock Units | 22,989 | 50% on first anniversary; 50% on March 4, 2028 |
| Restricted Stock Units | 11,264 | 50% on first anniversary; 50% on March 4, 2028 |
| Restricted Stock Units | 32,258 | One-third on first anniversary; one-third on March 2, 2028; one-third on March 2, 2029 |
| Performance Units | 32,258 | Tied to fiscal year 2026 adjusted EBITDA and total revenue goals |
The restricted stock units are settleable into shares of common stock upon vesting. The performance unit award consists of target units with conditions consistent with the company's fiscal year 2026 incentive compensation plan. Vesting for these units is tied to a target adjusted EBITDA goal and a total target revenue goal for the fiscal year ending December 31, 2026. The calculation method for earned units follows the terms described in the company's Form 8-K dated March 3, 2026.