Beneficient grants Karen Wendel 25,689 stock units

The award fully vested on the grant date under Beneficient’s 2023 Equity Incentive Plan.

Rhea-AI Filing Summary

Beneficient director Karen Wendel received an award of 25,689 restricted stock units on September 30, 2026. The RSUs fully vested on the grant date and are issuable as Class A common stock upon settlement. Wendel reported 128,579 shares following the transaction, including shares issuable upon settlement of other RSU awards.

Insider Trade Summary

Grant/Award: 25,689 shares

Grant/Award 1 txn

Insider Wendel Karen

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock F1, F2, F3, F4	25,689	$0.00	$0.00

Holdings After Transaction: Class A Common Stock — 128,579 shares (Direct)

Footnotes (4)

1. F1. Includes 25,689 shares of Class A common stock, par value $0.001 ("Class A common stock"), of Beneficient (the "Issuer") issuable upon the settlement of an award of 25,689 restricted stock units ("RSUs") granted pursuant to the Beneficient 2023 Equity Incentive Plan ("2023 Equity Incentive Plan") to Karen Wendel (the "Reporting Person") on September 30, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.
2. F2. Includes 32,960 shares of Class A common stock issuable upon the settlement of an award of 32,960 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on September 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.
3. F3. Includes 25,914 shares of Class A common stock issuable upon the settlement of an award of 25,914 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on November 21, 2024. Such award of RSUs to the Reporting Person vested in four equal installments on the last day of each calendar quarter over a one-year period from the date of grant.
4. F4. Includes 44,016 shares of Class A common stock issuable upon the settlement of an award of 44,016 RSUs granted to the Reporting Person on September 18, 2026 pursuant to the 2023 Equity Incentive Plan. The RSUs were granted in satisfaction of the Reporting Person's prior service compensation for the period from November 22, 2025 through March 31, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.

Key Figures

Awarded restricted stock units: 25,689 RSUs Reported shares following transaction: 128,579 shares RSUs issuable upon settlement: 32,960 RSUs +2 more

5 metrics

Awarded restricted stock units 25,689 RSUs Granted September 30, 2026; fully vested on the grant date

Reported shares following transaction 128,579 shares Following the September 30, 2026 transaction; includes shares issuable upon settlement of RSU awards

RSUs issuable upon settlement 32,960 RSUs Award granted September 18, 2026; fully vested on the grant date

RSUs issuable upon settlement 25,914 RSUs Award granted November 21, 2024; vested in four equal quarterly installments over one year

RSUs for prior service compensation 44,016 RSUs Granted September 18, 2026, for service from November 22, 2025, through March 31, 2026; fully vested on the grant date

Key Terms

restricted stock units, 2023 Equity Incentive Plan, settlement

3 terms

restricted stock units financial

"award of 25,689 restricted stock units ("RSUs")"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

2023 Equity Incentive Plan financial

"pursuant to the Beneficient 2023 Equity Incentive Plan"

settlement financial

"issuable upon the settlement of an award"

Settlement is the process of completing a financial transaction, like buying or selling a stock, by transferring money and ownership between parties. It ensures that both the buyer gets the asset and the seller gets paid, making the deal official. Without settlement, the transaction wouldn't be finalized or legally recognized.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many RSUs did Beneficient director Karen Wendel receive?

Karen Wendel received an award of 25,689 RSUs on September 30, 2026, under Beneficient’s 2023 Equity Incentive Plan. The award fully vested on the grant date, and the shares are issuable upon settlement.

How many shares did Karen Wendel report after the BENF award?

Wendel reported 128,579 shares following the transaction. The reported holdings include shares issuable upon settlement of RSU awards of 32,960 granted September 18, 2026; 25,914 granted November 21, 2024; and 44,016 granted September 18, 2026.

Why were 44,016 RSUs granted to Karen Wendel?

The 44,016 RSUs were granted in satisfaction of Wendel’s prior service compensation for the period from November 22, 2025, through March 31, 2026. They fully vested on the grant date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/21/2026 - 04:18 PM EDT Accepted by SEC EDGAR 10/21/2026 - 04:15 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wendel Karen

(Last) (First) (Middle)

325 N. SAINT PAUL STREET, SUITE 4850

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Beneficient [ BENF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/30/2026		A		25,689(1)	A	$0	128,579(2)(3)(4)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 25,689 shares of Class A common stock, par value $0.001 ("Class A common stock"), of Beneficient (the "Issuer") issuable upon the settlement of an award of 25,689 restricted stock units ("RSUs") granted pursuant to the Beneficient 2023 Equity Incentive Plan ("2023 Equity Incentive Plan") to Karen Wendel (the "Reporting Person") on September 30, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.

2. Includes 32,960 shares of Class A common stock issuable upon the settlement of an award of 32,960 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on September 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.

3. Includes 25,914 shares of Class A common stock issuable upon the settlement of an award of 25,914 RSUs granted pursuant to the 2023 Equity Incentive Plan to the Reporting Person on November 21, 2024. Such award of RSUs to the Reporting Person vested in four equal installments on the last day of each calendar quarter over a one-year period from the date of grant.

4. Includes 44,016 shares of Class A common stock issuable upon the settlement of an award of 44,016 RSUs granted to the Reporting Person on September 18, 2026 pursuant to the 2023 Equity Incentive Plan. The RSUs were granted in satisfaction of the Reporting Person's prior service compensation for the period from November 22, 2025 through March 31, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.

	By: /s/ David B. Rost, Attorney-in-fact for Karen Wendel	10/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)