Form 4: Beneficient's Chief Technology Officer, Maria S. Rutledge, Reports Changes in Beneficial Ownership After Tax Withholding
SEC Form 4
Maria S. Rutledge, Chief Technology Officer of Beneficient, reports changes in beneficial ownership due to tax withholding obligations related to the settlement of restricted stock units.
Summary
- Maria S. Rutledge, the Chief Technology Officer of Beneficient, filed a Form 4 to report changes in her beneficial ownership of the company's stock.
- The changes are due to the withholding of Class A common stock by Beneficient to satisfy tax obligations related to the settlement of restricted stock units (RSUs).
- No shares were issued or sold in this transaction; the shares were withheld for tax purposes.
- The reported transaction occurred on June 7, 2024, with 424 shares withheld at a price of $5.38.
- Following the transaction, Rutledge beneficially owns 1,640 shares of Class A common stock.
- The reported share amounts have been retroactively adjusted to reflect Beneficient's 1-for-80 reverse stock split, which was effected on April 18, 2024.
- The reported holdings include shares issuable upon the settlement of various RSU and restricted equity unit (REU) awards granted under Beneficient's 2023 and 2018 Equity Incentive Plans, with vesting schedules spanning from September 1, 2023, to April 1, 2026.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, and there is no indication of positive or negative sentiment.
Industry Context
Form 4 filings are a standard part of regulatory compliance for publicly traded companies, providing transparency into the transactions of company insiders.
Comparison to Industry Standards
- Form 4 filings are a standard regulatory requirement for publicly traded companies in the United States, ensuring transparency in insider trading.
- Companies like Apple, Microsoft, and Amazon also require their executives to file Form 4s when they engage in transactions involving the company's securities.
- The reporting requirements and timelines are consistent across all companies subject to Section 16 of the Securities Exchange Act of 1934.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- The tax withholding impacts Maria S. Rutledge by reducing her share holdings to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| January 1, 2020 | Date of grant of 875 restricted equity units (REUs) pursuant to The Beneficient Company Group, L.P. 2018 Equity Incentive Plan. |
| April 1, 2022 | Date of grant of 81 REUs to the Reporting Person granted pursuant to the 2018 Equity Incentive Plan. |
| September 1, 2023 | 20% vesting date of 482 RSUs granted on July 15, 2023. |
| July 15, 2023 | Date of grant of 482 RSUs granted pursuant to Beneficient 2023 Equity Incentive Plan. |
| April 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. |
| June 7, 2024 | Date of the reported transaction where shares were withheld for tax obligations. |
| June 11, 2024 | Date of signature of the Form 4 filing. |
Keywords
Beneficient, Maria S. Rutledge, Form 4, Beneficial Ownership, Chief Technology Officer, RSU, REU, Tax Withholding, Reverse Stock Split, Equity Incentive Plan
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