Form 4: Beneficient Officer Jeff Welday Reports Share Withholding for Tax Obligations
SEC Form 4
Jeff Welday, a Beneficient officer, reports the withholding of Class A common stock to cover tax obligations related to the settlement of restricted stock units.
Summary
- This Form 4 filing reports changes in beneficial ownership of Beneficient [BENF] stock by Jeff Welday, Global Head of Organizations and Distribution.
- On June 7, 2024, 838 shares of Class A common stock were withheld 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 transaction, Welday beneficially owns 2,082 shares.
- The reported shares have been retroactively adjusted to reflect Beneficient's 1-for-80 reverse stock split on April 18, 2024.
- The reported holdings include shares issuable upon the settlement of various RSU and restricted equity unit (REU) awards granted under the company's equity incentive plans.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
This filing is a routine disclosure related to insider transactions and equity compensation, common in publicly traded companies.
Stakeholder Impact
- The transaction has a minimal direct impact on stakeholders, as it involves the withholding of shares for tax purposes and does not represent a sale or purchase of shares on the open market.
Key Dates
| Date | Description |
|---|---|
| 2020-01-01 | Date of grant for 1,757 restricted equity units (REUs) under the 2018 Equity Incentive Plan. |
| 2022-04-01 | Date of grant for 90 REUs under the 2018 Equity Incentive Plan. |
| 2023-07-15 | Date of grant for 354 RSUs under the 2023 Equity Incentive Plan. |
| 2023-09-01 | 20% of the 354 RSUs granted on July 15, 2023, vested. |
| 2024-04-18 | Beneficient's 1-for-80 reverse stock split was effected. |
| 2024-06-07 | Date of transaction: 838 shares of Class A common stock withheld for tax obligations. |
| 2024-06-11 | Date of signature for the Form 4 filing. |
Keywords
Form 4, Beneficient, BENF, Jeff Welday, insider trading, restricted stock units, RSU, reverse stock split, tax withholding, equity incentive plan, restricted equity units, REU
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