Beneficient director awarded 32,960 and 44,016 RSUs

Both awards vested on September 18, 2026; the 44,016-share award covered prior service from November 22, 2025, through March 31, 2026.

Rhea-AI Filing Summary

Beneficient director Karen Wendel acquired two restricted stock unit awards on September 18, 2026, covering 32,960 and 44,016 shares of Class A common stock issuable upon settlement. Both awards fully vested on the grant date. The 44,016-share award was granted for prior service compensation for November 22, 2025, through March 31, 2026. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Grant/Award: 76,976 shares

Grant/Award 2 txns

Insider Wendel Karen

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock F1, F2	32,960	$0.00	$0.00
Grant/Award	Class A Common Stock F3, F2	44,016	$0.00	$0.00

Holdings After Transaction: Class A Common Stock — 102,890 shares (Direct)

Footnotes (3)

1. F1. Includes 32,960 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 32,960 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 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.
2. F2. Includes 25,914 shares of Class A common stock issuable upon the settlement of an award of 25,914 RSUs granted pursuant to 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.
3. F3. Includes 44,016 shares of Class A common stock issuable upon 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

Shares underlying restricted stock units: 32,960 shares Shares underlying restricted stock units: 44,016 shares Shares underlying earlier restricted stock unit award: 25,914 shares +1 more

4 metrics

Shares underlying restricted stock units 32,960 shares Award granted and fully vested September 18, 2026

Shares underlying restricted stock units 44,016 shares Award granted and fully vested September 18, 2026, for prior service compensation

Shares underlying earlier restricted stock unit award 25,914 shares Award granted November 21, 2024

Vesting installments 4 equal installments Earlier award vested quarterly over a one-year period from its grant date

Key Terms

restricted stock units, 2023 Equity Incentive Plan, fully vested

3 terms

restricted stock units financial

"award of 32,960 restricted stock units ("RSUs") granted"

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 technical

"pursuant to the Beneficient 2023 Equity Incentive Plan"

fully vested financial

"Such award of RSUs to the Reporting Person fully vested on the date of grant."

FAQ

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

What did BENF director Karen Wendel report?

Karen Wendel reported two restricted stock unit awards on September 18, 2026, covering 32,960 and 44,016 shares of Class A common stock issuable upon settlement. Both awards fully vested on the grant date.

Were the BENF restricted stock unit awards vested?

Yes. Both awards reported on September 18, 2026, fully vested on the date they were granted.

What service period did the 44,016-share BENF award cover?

The 44,016-share award was granted in satisfaction of Karen Wendel's prior service compensation for November 22, 2025, through March 31, 2026.

What earlier BENF restricted stock unit award is referenced?

The transaction details also reference an earlier award covering 25,914 shares, granted November 21, 2024. It vested in four equal installments on the last day of each calendar quarter over a one-year period from the grant date.

Were Karen Wendel's BENF awards reported under a Rule 10b5-1 plan?

No Rule 10b5-1 plan is reported.

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

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Available on EDGAR 09/22/2026 - 09:55 PM Accepted by SEC EDGAR 09/22/2026 - 09:55 PM 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)
09/18/2026

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	09/18/2026		A		32,960(1)	A	$0	58,874(2)	D
Class A Common Stock	09/18/2026		A		44,016(3)	A	$0	102,890(2)	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 32,960 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 32,960 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 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.

2. Includes 25,914 shares of Class A common stock issuable upon the settlement of an award of 25,914 RSUs granted pursuant to 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.

3. Includes 44,016 shares of Class A common stock issuable upon 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	09/22/2026
	** 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)