Form 4: Beneficient Director Dennis P. Lockhart Reports Tax Withholding Transaction and Adjusted Share Holdings
SEC Form 4 Filing
Director Dennis P. Lockhart reports a transaction related to tax withholding obligations and adjusted share holdings following a reverse stock split.
Summary
- Dennis P. Lockhart, a director of Beneficient, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The filing reports a transaction on June 7, 2024, where shares of Class A common stock were withheld by Beneficient to satisfy tax withholding obligations related to the settlement of restricted stock units (RSUs).
- No shares were issued or sold in this transaction.
- The shares have been retroactively adjusted to reflect Beneficient's 1-for-80 reverse stock split, which was effected on April 18, 2024.
- Lockhart's holdings include shares issuable upon the settlement of RSUs and restricted equity units (REUs) granted under the company's 2023 and 2018 equity incentive plans.
- As of the report, Lockhart beneficially owns 1,296 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
Key Dates
| Date | Description |
|---|---|
| 2018 | Beneficient Company Group, L.P. 2018 Equity Incentive Plan |
| April 25, 2019 | Grant date of 625 restricted equity units (REUs) pursuant to The Beneficient Company Group, L.P. 2018 Equity Incentive Plan |
| April 1, 2022 | Grant date of 150 REUs pursuant to the 2018 Equity Incentive Plan |
| July 15, 2023 | Grant date of 643 RSUs pursuant to Beneficient 2023 Equity Incentive Plan |
| September 1, 2023 | 20% of RSUs granted on July 15, 2023 vested |
| April 18, 2024 | Beneficient's 1-for-80 reverse stock split |
| June 7, 2024 | Date of transaction involving tax withholding of shares |
| June 11, 2024 | Date of Form 4 filing |
Keywords
Form 4, Beneficial Ownership, Director, Lockhart, BENF, Beneficient, Reverse Stock Split, Tax Withholding, RSUs, REUs, Equity Incentive Plan
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