Form 4: Beneficient Director Schnitzer Adjusts Holdings After Reverse Stock Split and Tax Withholding
SEC Form 4 Filing
Bruce William Schnitzer, a director of Beneficient, reports adjustments to his Class A common stock holdings due to a reverse stock split and shares withheld for tax obligations.
Summary
- On June 7, 2024, Beneficient director Bruce William Schnitzer reported changes in his beneficial ownership of Class A common stock.
- These changes are primarily due to two factors: a 1-for-80 reverse stock split that occurred on April 18, 2024, and the withholding of shares by Beneficient to cover tax obligations related to the settlement of restricted stock units (RSUs).
- Specifically, 698 shares were withheld by the issuer to satisfy tax obligations related to RSU settlement at a price of $5.38 per share.
- Following these transactions, Schnitzer's reported beneficial ownership includes 1,930 shares of Class A common stock.
- This total includes shares issuable upon the settlement of various RSU and restricted equity unit (REU) awards granted to Schnitzer under Beneficient's equity incentive plans.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing changes in stock ownership, with no inherent positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates adjustments to holdings due to corporate actions (reverse split) and compensation-related tax obligations, which are common occurrences.
Stakeholder Impact
- The reverse stock split impacts all shareholders by reducing the number of outstanding shares and increasing the per-share price.
- The tax withholding impacts Bruce W. Schnitzer by reducing the number of shares he receives upon settlement of RSUs.
Key Dates
| Date | Description |
|---|---|
| 01/11/2018 | Date of grant for 1,438 restricted equity units (REUs) under the 2018 Equity Incentive Plan. |
| 04/01/2022 | Date of grant for 150 REUs under the 2018 Equity Incentive Plan. |
| 07/15/2023 | Date of grant for 643 RSUs pursuant to Beneficient 2023 Equity Incentive Plan. |
| 04/18/2024 | Effective date of Beneficient's 1-for-80 reverse stock split. |
| 06/07/2024 | Date of transaction (stock withholding for tax obligations) reported by Bruce W. Schnitzer. |
| 06/11/2024 | Date of filing of the Form 4. |
Keywords
Beneficient, Schnitzer, Director, Form 4, SEC Filing, Stock Ownership, Reverse Stock Split, Tax Withholding, RSU, REU
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