Form 4: Beneficient Executive Scott W. Wilson Reports Changes in Beneficial Ownership After Tax Withholding
SEC Form 4
Scott W. Wilson, Chief Underwriting Officer of Beneficient, reports changes in beneficial ownership of Class A Common Stock due to tax withholding obligations related to the settlement of restricted stock units.
Summary
- On June 7, 2024, Scott W. Wilson, Chief Underwriting Officer of Beneficient, reported changes in his beneficial ownership of Class A Common Stock.
- The changes are due to the withholding of 664 shares by the issuer to satisfy tax obligations related to the settlement of restricted stock units (RSUs).
- No shares were issued or sold in this transaction.
- Following the reported transaction, Wilson beneficially owns 2,444 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 shown have been retroactively adjusted to reflect Beneficient's reverse stock split of its outstanding shares of Class A common stock, par value $0.001 per share ('Class A common stock'), and Class B common stock, par value $0.001 per share, on a 1-for-80 basis effected on April 18, 2024.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing related to executive compensation. 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 tax obligations, common in publicly traded companies. It reflects the ongoing vesting of equity awards granted to company executives.
Comparison to Industry Standards
- Equity compensation is a standard practice across publicly traded companies to align management's interests with those of shareholders.
- Tax withholding on RSU settlements is a common occurrence.
- The specific vesting schedules and equity incentive plans vary from company to company, but the underlying principle of incentivizing performance through equity remains consistent.
- Comparable companies in the financial services or investment management sectors, such as Apollo Global Management or Blackstone, also utilize equity-based compensation for their executives.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it primarily concerns the executive's tax obligations.
- Employees who are also recipients of equity awards may find the information relevant to their own tax planning.
Key Dates
| Date | Description |
|---|---|
| 01/01/2020 | Date of grant for 1,341 restricted equity units (REUs) under the 2018 Equity Incentive Plan. |
| 04/01/2022 | Date of grant for 120 REUs under the 2018 Equity Incentive Plan. |
| 10/01/2022 | Date of grant for 100 REUs as a bonus under the 2018 Equity Incentive Plan. |
| 06/08/2023 | Vesting date for 40% of the 120 REUs granted on April 1, 2022, and 50% of the 100 REUs granted on October 1, 2022. |
| 07/15/2023 | Date of grant for 643 RSUs under the 2023 Equity Incentive Plan. |
| 07/15/2023 | Date of grant for 514 RSUs under the 2023 Equity Incentive Plan. |
| 09/01/2023 | Vesting date for 20% of the 643 RSUs granted on July 15, 2023, and full vesting of the 514 RSUs granted on July 15, 2023. |
| 12/08/2023 | Vesting date for 25% of the 100 REUs granted on October 1, 2022. |
| 04/18/2024 | Beneficient's reverse stock split of its outstanding shares of Class A common stock, par value $0.001 per share ('Class A common stock'), and Class B common stock, par value $0.001 per share, on a 1-for-80 basis. |
| 06/07/2024 | Date of the reported transaction where shares were withheld for tax obligations. |
| 06/08/2024 | Vesting date for 25% of the 100 REUs granted on October 1, 2022. |
| 06/11/2024 | Date of signature for the Form 4 filing. |
Keywords
Beneficient, Scott W. Wilson, beneficial ownership, Class A Common Stock, restricted stock units, RSUs, tax withholding, equity incentive plan, REUs
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