Form 4: Beneficient Executive Jeff Welday Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Jeff Welday, a key executive at Beneficient, sold Class A Common Stock to cover tax withholding obligations related to the vesting of restricted stock units.
Summary
- Jeff Welday, Global Head of Organizations and Distribution at Beneficient, reported the sale of Class A Common Stock on February 11, 12, and 13, 2025.
- The sales were executed to cover tax withholding obligations associated with the vesting and settlement of restricted stock units (RSUs).
- On February 11, 2025, 2,586 shares were sold at a price of $0.67 per share.
- On February 12, 2025, 885 shares were sold at a price of $0.63 per share.
- On February 13, 2025, 510 shares were sold at a price of $0.53 per share.
- Following these transactions, Welday still beneficially owns 145,230 shares of Class A Common Stock.
- These shares include those issuable upon the settlement of various RSU and REU awards granted under the company's equity incentive plans.
Sentiment
Score: 5
Explanation: The document is a routine SEC Form 4 filing, indicating stock sales for tax purposes; it doesn't inherently convey positive or negative sentiment.
Industry Context
Executive stock sales are a common occurrence, particularly to cover tax obligations upon the vesting of equity awards; the sales themselves are not necessarily indicative of the company's performance or future prospects.
Stakeholder Impact
- The stock sales may have a minor, temporary impact on shareholders due to the increased selling pressure.
- The transactions do not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 2020-01-01 | Grant date of 140,490 REUs under the 2018 Equity Incentive Plan, vesting 20% immediately and the remaining 80% in four equal annual installments on June 3rd of each subsequent calendar year. |
| 2022-04-01 | Grant date of 7,200 REUs under the 2018 Equity Incentive Plan, vesting 40% on June 8, 2023, and the remaining 60% in three equal annual installments on April 1st of each subsequent calendar year. |
| 2023-07-15 | Grant date of 28,320 RSUs under the 2023 Equity Incentive Plan, vesting 20% on September 1, 2023, and the remaining 80% in four equal annual installments on September 1st of each subsequent calendar year. |
| 2023-07-15 | Grant date of 20,560 RSUs under the 2023 Equity Incentive Plan, fully vested on September 1, 2023. |
| 2023-09-01 | 20% vesting date for 28,320 RSUs granted on July 15, 2023. |
| 2023-09-01 | Full vesting date for 20,560 RSUs granted on July 15, 2023. |
| 2024-08-22 | Grant date of 98,919 RSUs under the 2023 Equity Incentive Plan, fully vested on the date of grant. |
| 2024-08-22 | Grant date of 998 RSUs under the 2023 Equity Incentive Plan, fully vested on the date of grant. |
| 2024-10-17 | Grant date of 58,249 RSUs under the 2023 Equity Incentive Plan, fully vested on the date of grant. |
| 2025-01-14 | Grant date of 61,592 RSUs under the 2023 Equity Incentive Plan, fully vested on the date of grant. |
| 2025-01-16 | Grant date of 1,670 RSUs under the 2023 Equity Incentive Plan, fully vested on the date of grant. |
| 2025-02-11 | Sale of 2,586 shares of Class A Common Stock at $0.67 per share. |
| 2025-02-12 | Sale of 885 shares of Class A Common Stock at $0.63 per share. |
| 2025-02-13 | Sale of 510 shares of Class A Common Stock at $0.53 per share. |
Keywords
Beneficient, Jeff Welday, Class A Common Stock, SEC Form 4, RSU, REU, Equity Incentive Plan, Tax Withholding, Sale of Shares, Beneficial Ownership
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