Beneficient director Hicks gets 20,910-unit stock award

Hicks Holdings Operating, LLC and HH-BDH, LLC hold indirect shares; Mack H. Hicks disclaims beneficial ownership except to the extent of his pecuniary interest.

Rhea-AI Filing Summary

Beneficient director and 10% owner Mack H. Hicks acquired a fully vested award of 20,910 restricted stock units (RSUs) on September 30, 2026, under the Beneficient 2023 Equity Incentive Plan. The units represent Class A common shares issuable upon settlement. His reported direct holdings after the award were 47,738 shares, including 26,828 shares issuable upon settlement of RSUs granted and fully vested on September 18, 2026.

Insider Trade Summary

Grant/Award: 20,910 shares

Grant/Award 3 txns

Insider Hicks Mack H., Hicks Holdings Operating LLC

Role Director, 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock F1, F2	20,910	$0.00	$0.00
holding	Class A Common Stock F3	--	--	--
holding	Class A Common Stock F4	--	--	--

Holdings After Transaction: Class A Common Stock — 47,738 shares (Direct); Class A Common Stock — 11,710,609 shares (Indirect, See Footnote)

Footnotes (4)

1. F1. Includes 20,910 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 20,910 restricted stock units ("RSUs") granted pursuant to the Beneficient 2023 Equity Incentive Plan ("2023 Equity Incentive Plan") to Mack Hicks (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 26,828 shares of Class A common stock issuable upon the settlement of an award of 26,828 RSUs granted pursuant to 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. These shares of Class A common stock are held by Hicks Holdings Operating, LLC, a Delaware limited liability company ("Hicks Holdings"). Mack Hicks is the sole member of Hicks Holdings and has the power to vote and direct the disposition of such shares. Mr. Hicks disclaims beneficial ownership of any securities directly held by Hicks Holdings, except to the extent of his pecuniary interest in such securities.
4. F4. These shares of Class A common stock are directly held by HH-BDH, LLC ("HH-BDH"). Hicks Holdings is the sole member of HH-BDH. Mr. Hicks is the sole member of Hicks Holdings and has the power to vote and direct the disposition of such shares. Mr. Hicks disclaims beneficial ownership of any securities directly held by HH-BDH, except to the extent of his pecuniary interest in such securities.

Key Figures

RSUs awarded: 20,910 RSUs Direct holdings after transaction: 47,738 Class A common shares Previously granted RSUs included in holdings: 26,828 RSUs

3 metrics

RSUs awarded 20,910 RSUs Granted and fully vested September 30, 2026; shares issuable upon settlement

Direct holdings after transaction 47,738 Class A common shares Reported following the September 30, 2026 award

Previously granted RSUs included in holdings 26,828 RSUs Granted and fully vested September 18, 2026; shares issuable upon settlement

Key Terms

restricted stock units (RSUs), Beneficient 2023 Equity Incentive Plan, fully vested, par value

4 terms

restricted stock units (RSUs) financial

"award of 20,910 restricted stock units ("RSUs")"

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

Beneficient 2023 Equity Incentive Plan financial

"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."

par value financial

"Class A common stock, par value $0.001"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

FAQ

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

How many BENF shares did Mack H. Hicks report after the RSU award?

Mack H. Hicks reported 47,738 Class A common shares held directly after the September 30, 2026 award. The amount included 26,828 shares issuable upon settlement of RSUs granted and fully vested on September 18, 2026.

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

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Available on EDGAR 10/21/2026 - 04:17 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^*

Hicks Mack H.

(Last) (First) (Middle)

2200 ROSS AVENUE, 50TH FLOOR

(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	X	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)

	Form filed by One Reporting Person
X	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		20,910(1)	A	$0	47,738(2)	D
Class A Common Stock								11,560,705	I	See Footnote(3)
Class A Common Stock								149,904	I	See Footnote(4)

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

1. Name and Address of Reporting Person^*

Hicks Mack H.

(Last) (First) (Middle)

2200 ROSS AVENUE, 50TH FLOOR

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Hicks Holdings Operating LLC

(Last) (First) (Middle)

2200 ROSS AVENUE, 50TH FLOOR

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Includes 20,910 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 20,910 restricted stock units ("RSUs") granted pursuant to the Beneficient 2023 Equity Incentive Plan ("2023 Equity Incentive Plan") to Mack Hicks (the "Reporting Person") on September 30, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.

2. Includes 26,828 shares of Class A common stock issuable upon the settlement of an award of 26,828 RSUs granted pursuant to 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. These shares of Class A common stock are held by Hicks Holdings Operating, LLC, a Delaware limited liability company ("Hicks Holdings"). Mack Hicks is the sole member of Hicks Holdings and has the power to vote and direct the disposition of such shares. Mr. Hicks disclaims beneficial ownership of any securities directly held by Hicks Holdings, except to the extent of his pecuniary interest in such securities.

4. These shares of Class A common stock are directly held by HH-BDH, LLC ("HH-BDH"). Hicks Holdings is the sole member of HH-BDH. Mr. Hicks is the sole member of Hicks Holdings and has the power to vote and direct the disposition of such shares. Mr. Hicks disclaims beneficial ownership of any securities directly held by HH-BDH, except to the extent of his pecuniary interest in such securities.

	/s/ Mack Hicks	10/21/2026
	/s/ Hicks Holdings Operating, LLC By: /s/ Mack Hicks Name: Mack Hicks Title: Sole Member	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)