Form 4: Beneficient CFO Gregory W. Ezell Reports Changes in Beneficial Ownership After Tax Withholding
SEC Form 4 Filing
Gregory W. Ezell, CFO of Beneficient, reports changes in beneficial ownership due to tax withholding obligations related to the settlement of restricted stock units.
Summary
- Gregory W. Ezell, the Chief Financial Officer of Beneficient, filed a Form 4 to report changes in his beneficial ownership of the company's Class A common stock.
- The filing indicates that 758 shares of Class A common stock were withheld by the issuer to satisfy tax withholding obligations related to the settlement of restricted stock units (RSUs).
- This transaction did not involve the issuance or sale of shares.
- The reported transaction occurred on June 7, 2024, with a price of $5.38 per share.
- Following the transaction, Ezell beneficially owns 2,518 shares of Class A common stock.
- The filing also includes details about RSUs and restricted equity units (REUs) granted to Ezell under the company's equity incentive plans, which vest over time.
- The shares shown have been retroactively adjusted to reflect Beneficient's reverse stock split of its outstanding shares of Class A common stock, par value $0.001 per share ('Class A common stock'), and Class B common stock, par value $0.001 per share, on a 1-for-80 basis effected on April 18, 2024.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, and the sentiment is neutral as it simply reports a transaction related to tax obligations.
Industry Context
Form 4 filings are a standard part of regulatory compliance for company insiders, providing transparency into their transactions in the company's stock. This filing is specific to the CFO's transactions and doesn't necessarily reflect broader industry trends.
Stakeholder Impact
- The transaction has a minimal impact on stakeholders as it is a routine adjustment of share ownership due to tax obligations.
Key Dates
| Date | Description |
|---|---|
| January 1, 2020 | Date of grant for 1,575 restricted equity units (REUs) under the 2018 Equity Incentive Plan. |
| April 1, 2022 | Date of grant for 120 REUs under the 2018 Equity Incentive Plan. |
| September 1, 2023 | 20% of 643 RSUs granted on July 15, 2023, vested. |
| July 15, 2023 | Date of grant for 643 RSUs under the 2023 Equity Incentive Plan. |
| April 18, 2024 | Beneficient's 1-for-80 reverse stock split was effected. |
| June 7, 2024 | Date of the reported transaction where shares were withheld for tax obligations. |
| June 11, 2024 | Date of signature for the Form 4 filing. |
Keywords
Beneficient, Gregory W. Ezell, CFO, Form 4, Beneficial Ownership, Class A Common Stock, Restricted Stock Units, RSUs, REUs, Equity Incentive Plan, Tax Withholding, Reverse Stock Split
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