Form 4: Beneficient Director Brad K. Heppner Reports Changes in Beneficial Ownership After Tax Withholding
SEC Form 4
Brad K. Heppner, a director and CEO of Beneficient, reported a change in beneficial ownership due to shares withheld for tax obligations related to the settlement of restricted stock units.
Summary
- On June 7, 2024, Brad K. Heppner, a director and the CEO of Beneficient (BENF), reported a change in beneficial ownership of Class A Common Stock.
- The change resulted from the company withholding 6,846 shares to cover tax obligations related to the settlement of restricted stock units (RSUs).
- The price per share for the tax withholding was $5.38.
- Following the transaction, Heppner beneficially owns 17,092 shares of Class A Common Stock.
- The reported holdings include shares issuable upon the settlement of various RSU and restricted equity unit (REU) awards granted under Beneficient's 2018 and 2023 equity incentive plans.
- The shares have been retroactively adjusted to reflect Beneficient's 1-for-80 reverse stock split on April 18, 2024.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing changes in stock ownership due to routine tax withholding. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies. It reflects the standard practice of withholding shares to cover tax obligations upon the vesting of equity awards.
Key Dates
| Date | Description |
|---|---|
| April 1, 2022 | Date of grant of 543 REUs to the Reporting Person pursuant to the 2018 Equity Incentive Plan. |
| April 25, 2019 | Date of grant of 14,235 REUs to the Reporting Person pursuant to The Beneficient Company Group, L.P. 2018 Equity Incentive Plan. |
| April 25, 2019 | Date of grant of 188 REUs to the Reporting Person pursuant to the 2018 Equity Incentive Plan. |
| April 18, 2024 | Beneficient's reverse stock split of its outstanding shares of Class A common stock, par value $0.001 per share, and Class B common stock, par value $0.001 per share, on a 1-for-80 basis. |
| June 7, 2024 | Date of transaction where shares were withheld for tax obligations. |
| June 8, 2023 | 40% of the 543 REUs granted on April 1, 2022 vested. |
| July 15, 2023 | Date of grant of 2,906 RSUs granted pursuant to Beneficient 2023 Equity Incentive Plan to the Reporting Person. |
| July 15, 2023 | Date of grant of 2,325 RSUs granted pursuant to 2023 Equity Incentive Plan to the Reporting Person. |
| September 1, 2023 | 20% of the 2,906 RSUs granted on July 15, 2023 vested. |
| September 1, 2023 | The 2,325 RSUs granted on July 15, 2023 fully vested. |
Keywords
Beneficient, BENF, Brad K. Heppner, Form 4, Beneficial Ownership, Director, CEO, Class A Common Stock, Restricted Stock Units, RSU, Restricted Equity Units, REU, Tax Withholding, Reverse Stock Split, Equity Incentive Plan
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