Kevin Maddock
Rimini StreetAbout Kevin Maddock
EVP & Chief Recurring Revenue Officer and interim GM, North America (Sales) at Rimini Street. A 25+ year software support and technology leader with prior senior roles at ServiceSource and PeopleSoft; holds a BBA in Finance (University of Notre Dame) and an MBA (UCLA Anderson) . Tenure at Rimini: SVP Global Sales (2009–2021) and EVP/Chief Recurring Revenue Officer since 2021; designated interim GM North America (Sales) in October 2024 . Company performance context: FY2024 revenue $428.8M and Adjusted EBITDA $53.1M; FY2023 revenue $431.5M and Adjusted EBITDA $71.9M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ServiceSource | EVP, Worldwide Inside Sales & Operations | 2004–2008 | Led 500-person sales org; >$1B service sales; 5x revenue growth **[https://www.riministreet.com/company/leadership/#::text=Earlier%20in%20his%20career%2C%20he,Andersen%20Consulting%20(now%20Accenture)]**. |
| PeopleSoft (acq. Oracle) | VP, Worldwide Support Service Sales | 1998–2004 | Grew support revenue from $250M to >$1.2B annually (PeopleSoft & JD Edwards) **[https://www.riministreet.com/company/leadership/#::text=Earlier%20in%20his%20career%2C%20he,Andersen%20Consulting%20(now%20Accenture)]**. |
| KPMG Consulting | Manager, Financial Services Strategy & Operations | 1995–1998 | Managed strategy and operations projects . |
| Andersen Consulting (Accenture) | Project Manager | Early career | Led large software development and implementation programs . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in RMNI proxy for Maddock | — | — | Maddock is not a Rimini Street director; board composition lists other individuals . |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary (earned) | $312,500 | $322,917 |
| Base Salary rate changes | $312,500 as of year-end 2023; no change cited for 2023 | Increased to $328,125 effective May 1, 2024 (+5.0%) |
| Target Annual Cash Bonus (% of base) | 100% of base (=$312,500) | 100% of base (=$328,125); pro-rated target $324,219 |
| Actual Annual Cash Bonus Paid | $277,930 | $267,988 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout Factor | Vesting |
|---|---|---|---|---|---|
| Total Revenue (FY2024 PSU) | 50% | $448.3M | $428.8M | ~56.4% | Earned PSUs vest in 3 equal annual tranches from grant date |
| Adjusted EBITDA (FY2024 PSU) | 50% | $60.0M | $53.1M | 0% | Earned PSUs vest in 3 equal annual tranches from grant date |
| Combined PSU Achievement (FY2024) | — | — | — | 28% of target; Maddock Earned PSUs: 13,062 | Time-based vesting over 3 years |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (as of Apr 15, 2025) | 300,063 shares; <1% of outstanding |
| Breakdown | 133,296 owned directly; 146,039 options exercisable within 60 days; 16,193 RSUs vesting within 60 days; 4,535 PSUs vesting within 60 days |
| Unvested RSUs (Market Value at 12/31/2024) | 48,582 RSUs ($129,714); plus 20,000 ($53,400) and 100,000 ($267,000) from 2024 awards shown separately |
| Earned but Unvested PSUs (12/31/2024) | 13,602 shares ($36,317) from 2024/2023 plans |
| Options Outstanding (selected grants) | 38,749 @ $2.47 (5/6/2024); 10,000 @ $1.96 (11/13/2024); 100,000 @ $2.72 (12/17/2024); prior grants outstanding |
| Hedging/Pledging | Prohibited for directors and executive officers per Insider Trading Policy |
| Ownership Guidelines | Not disclosed in proxy for executives; Clawback policy in place (mandatory recovery for restatements) |
Equity Grants and Vesting (2024 activity)
| Grant Date | Instrument | Shares | Exercise Price | Grant Date Fair Value | Vesting |
|---|---|---|---|---|---|
| 5/6/2024 | PSUs (2024 LTI) | 48,582 | — | $119,998 | Earn based on FY2024 perf.; then 3-year annual vesting |
| 5/6/2024 | RSUs (2024 LTI) | 48,582 | — | $119,998 | 3 equal annual installments |
| 5/6/2024 | Options (2024 LTI) | 38,749 | $2.47 | $59,592 | 3 equal annual installments |
| 11/13/2024 | RSUs (Merit award) | 20,000 | — | $39,200 | 3 equal annual installments |
| 11/13/2024 | Options (Merit award) | 10,000 | $1.96 | $12,195 | 3 equal annual installments |
| 12/17/2024 | RSUs (Retention award) | 100,000 | — | $272,000 | 3 equal annual installments |
| 12/17/2024 | Options (Retention award) | 100,000 | $2.72 | $170,290 | 3 equal annual installments |
Employment Terms
- Contract: Company maintains no individual employment agreements for executive officers other than CEO; offers and plan documents govern compensation for others .
- Change-in-Control/Vesting:
- PSUs for non-CEO executives: double-trigger acceleration if terminated without cause or resign for good reason within 24 months after a change-in-control; Target PSUs vest if CIC occurs before performance period end; Earned PSUs vest if after .
- 2013 Equity Plan: if successor does not assume/replace outstanding awards, all unvested awards fully vest immediately prior to closing; performance awards deemed at 100% of target .
- Clawback: Executive Officer Incentive Compensation Recovery Policy adopted Oct 31, 2023 (mandatory recovery of incentive comp after material restatements) .
- Hedging/Pledging: Prohibited under Insider Trading Policy for executive officers .
Company Performance (context)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Millions) | $431.5 | $428.8 |
| Adjusted EBITDA ($USD Millions) | $71.9 | $53.1 |
Say-on-Pay & Peer Group
- 2024 Say-on-Pay approval: 93.8% support .
- Compensation peer groups: 2024 group included BlackLine, Five9, Workiva, Progress, etc.; updated for 2025 to add 8x8 and remove Everbridge/New Relic .
Compensation Structure Analysis
- Cash vs. equity: For 2024, Maddock’s target bonus remained at 100% of salary; actual bonus paid at ~82.7% of pro-rated target, reflecting Company metrics and individual performance under the quarterly plan .
- LTI mix: 2024 LTI targets kept at $300,000 with 40% PSUs / 40% RSUs / 20% options (vs. 2023 40% PSUs / 20% RSUs / 40% options), indicating a tilt from options to RSUs, lowering risk and increasing certainty of value .
- Performance rigor: FY2024 PSUs paid at 28% given revenue below target and zero payout on Adjusted EBITDA, reinforcing pay-for-performance alignment .
- Retention signals: November merit and December retention awards (additional RSUs/options) suggest proactive retention measures amid underwater options and equity value volatility noted by the company .
Expertise & Qualifications
- Education: BBA (Finance), University of Notre Dame; MBA, UCLA Anderson .
- Industry experience: Global recurring revenue sales leadership; deep enterprise support sales expertise (PeopleSoft/ServiceSource) .
Investment Implications
- Alignment: Significant at-risk pay through PSUs and RSUs; FY2024 PSU payout at 28% underscores linkage to revenue/Adjusted EBITDA . RSU layering provides time-based retention and predictable vesting .
- Vesting overhang: 2024 merit and retention grants (total 120,000 RSUs and 110,000 options) add to 2025–2027 vesting cadence, potentially increasing supply from executive settlements as tranches vest annually .
- Selling pressure: RSUs/PSUs vest annually; options expiring in 2027–2034; while hedging/pledging is prohibited, regular vesting may create periodic liquidity events; no individual pledging noted .
- Retention risk: Company deployed retention awards broadly in Dec 2024 due to underwater options and equity volatility—suggests awareness of retention risks; for Maddock specifically, incremental equity supports retention into 2025–2027 .
Note: Maddock is not a member of the Board; governance and director compensation items do not apply .