Form 4: Beneficient Director Thomas O. Hicks Reports Changes in Beneficial Ownership After Tax Withholding
SEC Form 4 Filing
Director Thomas O. Hicks reports changes in Beneficient's Class A common stock ownership due to tax withholding obligations related to the settlement of restricted stock units.
Summary
- On June 7, 2024, Thomas O. Hicks, a director of Beneficient, reported a change in beneficial ownership of Class A common stock.
- The change resulted from the withholding of 415 shares by the issuer to satisfy tax obligations related to the settlement of restricted stock units (RSUs).
- The shares were withheld at a price of $5.38 per share.
- Following the transaction, Hicks beneficially owns 1,979 shares of Class A common stock.
- This includes shares issuable upon the settlement of RSUs and restricted equity units (REUs) granted under Beneficient's 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: This is a routine filing related to tax obligations and stock awards, with no inherently positive or negative implications for the company's overall prospects.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it reflects internal stock management for tax purposes.
Key Dates
| Date | Description |
|---|---|
| April 1, 2022 | Date of grant of 150 REUs to the Reporting Person pursuant to the 2018 Equity Incentive Plan. |
| April 25, 2019 | Date of grant of 938 REUs to the Reporting Person pursuant to The Beneficient Company Group, L.P. 2018 Equity Incentive Plan. |
| September 1, 2023 | 20% of 643 RSUs granted on July 15, 2023, vested. |
| July 15, 2023 | Date of grant of 643 RSUs granted pursuant to Beneficient 2023 Equity Incentive Plan to the Reporting Person. |
| 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: shares of Class A common stock withheld by the Issuer to satisfy tax withholding obligations. |
| June 11, 2024 | Date of signature of the Form 4 filing. |
Keywords
Beneficient, Thomas O. Hicks, Class A Common Stock, Beneficial Ownership, SEC Form 4, Director, RSU, REU, Tax Withholding, Reverse Stock Split
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