Beneficient director Mack Hicks awarded 26,828 RSUs

The award fully vested on its grant date, with 26,828 related Class A shares issuable upon settlement.

Rhea-AI Filing Summary

Beneficient (symbol: BENF) is the issuer of record for a Form 4 filing submitted to the SEC. Hicks Mack H. reported acquisition or exercise transactions in this Form 4 filing.

Beneficient (BENF) director and 10 percent owner Mack Hicks received an award of 26,828 restricted stock units under the Beneficient 2023 Equity Incentive Plan on September 18, 2026. The award fully vested on the grant date and relates to 26,828 Class A common shares issuable upon settlement; the transaction row reports 26,828 shares following the transaction. Hicks Holdings Operating, LLC is also identified as a 10 percent owner. Indirect holding entries name Hicks Holdings Operating, LLC and HH-BDH, LLC; Mack Hicks has power to vote and direct disposition of those entity-held shares, while disclaiming beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Grant/Award: 26,828 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	26,828	$0.00	$0.00
holding	Class A Common Stock F2	--	--	--
holding	Class A Common Stock F3	--	--	--

Holdings After Transaction: Class A Common Stock — 26,828 shares (Direct); Class A Common Stock — 11,710,609 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. Includes 26,828 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 26,828 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 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.
2. F2. 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.
3. F3. 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

Restricted stock units awarded: 26,828 restricted stock units Class A shares issuable upon settlement: 26,828 shares Shares following transaction: 26,828 shares

3 metrics

Restricted stock units awarded 26,828 restricted stock units Award to Mack Hicks under the Beneficient 2023 Equity Incentive Plan on September 18, 2026

Class A shares issuable upon settlement 26,828 shares Shares related to the restricted stock unit award

Shares following transaction 26,828 shares Reported in the direct transaction row dated September 18, 2026

Key Terms

restricted stock units, 2023 Equity Incentive Plan, fully vested, pecuniary interest

4 terms

restricted stock units financial

"award of 26,828 restricted stock units"

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

"granted pursuant to the Beneficient 2023 Equity Incentive Plan"

fully vested financial

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

pecuniary interest financial

"except to the extent of his pecuniary interest"

FAQ

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

What did Mack Hicks receive in the BENF Form 4?

Mack Hicks received an award of 26,828 restricted stock units under Beneficient’s 2023 Equity Incentive Plan on September 18, 2026.

How many BENF shares are tied to Mack Hicks’s award?

The award relates to 26,828 shares of Class A common stock issuable upon settlement. The transaction row reports 26,828 shares following the transaction.

When did Mack Hicks’s BENF award vest?

The 26,828-unit award fully vested on September 18, 2026, the date it was granted.

Was Mack Hicks’s BENF transaction reported under a Rule 10b5-1 plan?

No Rule 10b5-1 plan is reported for the transaction.

Which entities are named in the BENF indirect holding entries?

The entries name Hicks Holdings Operating, LLC and HH-BDH, LLC. Mack Hicks has power to vote and direct disposition of the entity-held shares and disclaims beneficial ownership except to the extent of his pecuniary interest.

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

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Available on EDGAR 09/22/2026 - 09:54 PM Accepted by SEC EDGAR 09/22/2026 - 09:54 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^*

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)
09/18/2026

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	09/18/2026		A		26,828(1)	A	$0	26,828	D
Class A Common Stock								11,560,705	I	See Footnote(2)
Class A Common Stock								149,904	I	See Footnote(3)

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 26,828 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 26,828 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 18, 2026. Such award of RSUs to the Reporting Person fully vested on the date of grant.

2. 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.

3. 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	09/22/2026
	/s/ Hicks Holdings Operating, LLC	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)