P10, Inc. (PX) director Mel Williams converts 116,024 Class B to Class A

Rhea-AI Filing Summary

P10, Inc. insider Mel Williams reported a share conversion involving the company’s dual-class stock. On December 9, 2025, an entity he manages, TrueBridge Ascent LLC, converted 116,024 shares of Class B Common Stock into 116,024 shares of Class A Common Stock on a one-for-one basis. Following this transaction, Williams is shown with indirect Class A ownership through several vehicles, including TrueBridge Ascent LLC and The Mel Williams Irrevocable Trust, along with a smaller direct Class A holding.

The filing explains that each share of Class B can be converted into Class A at any time and that all Class B shares will automatically convert after certain “Sunset” triggers tied to ownership and voting thresholds or the tenth anniversary of the company’s charter. Williams is identified as a director and potential member of a group that collectively owns more than 10% of P10’s common stock, while repeatedly disclaiming beneficial ownership beyond his economic interest.

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

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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^*

Williams Mel

(Last) (First) (Middle)

C/O P10, INC.

4514 COLE AVENUE, SUITE 1600

(Street)

DALLAS TX 75205

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
P10, Inc. [ PX ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/09/2025

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

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

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

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	12/09/2025		C		116,024	A	(1)(2)	116,024	I(3)	By TrueBridge Ascent LLC
Class A Common Stock								4,018,995	I(4)	By The Mel Williams Irrevocable Trust u/a/d August 12, 2015
Class A Common Stock								71,024	D(5)

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
Class B Common Stock	(1)(2)	12/09/2025		C			116,024	(1)(2)	(1)(2)	Class A Common Stock	116,024	(1)(2)	0	I(3)	By TrueBridge Ascent LLC
Class B Common Stock	(1)(2)							(1)(2)	(1)(2)	Class A Common Stock	4,294,856		4,294,856	I(4)	By The Mel Williams Irrevocable Trust u/a/d August 12, 2015
Class B Common Stock	(1)(2)							(1)(2)	(1)(2)	Class A Common Stock	104,698		104,698	I(6)	By MAW Management Co.

Explanation of Responses:

1. Holders of Class B Common Stock may elect to convert such shares on a one-for-one basis into Class A Common Stock at any time. After a Sunset (as defined below) becomes effective, each share of Class B Common Stock will automatically convert into Class A Common Stock.

2. Continued from footnote 2: A "Sunset" is triggered by any of the earlier of the following: (i) the Sunset Holders (as defined in the amended and restated certificate of incorporation of the Issuer (the "Charter")) cease to maintain direct or indirect beneficial ownership of 10% of the outstanding shares of Class A Common Stock (determined assuming all outstanding shares of Class B Common Stock have been converted into Class A Common Stock), (ii) the Sunset Holders collectively cease to maintain direct or indirect beneficial ownership of at least 25% of the aggregate voting power of the outstanding shares of Common Stock, and (iii) upon the tenth anniversary of the effective date of the Charter. On December 9, 2025, TrueBridge Ascent LLC converted 116,024 shares of Class B Common Stock into an equivalent number of shares of Class A Common Stock.

3. Represents securities of the Issuer owned directly by TrueBridge Ascent LLC. The Reporting Person, as a manager of TrueBridge Ascent LLC, may be deemed to be deemed to beneficially own the securities of the Issuer owned directly by TrueBridge Ascent LLC. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.

4. Represents securities of the Issuer owned directly by The Mel Williams Irrevocable Trust u/a/d August 12, 2015 (the "Williams Trust"). Alliance Trust Company, as trustee of the Williams Trust, may be deemed to beneficially own the securities of the Issuer owned directly by the Williams Trust. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.

5. Represents securities of the Issuer owned directly by the Reporting Person.

6. Represents securities of the Issuer owned directly by MAW Management Co. ("MAW Management"). The Reporting Person, as the president of MAW Management, may be deemed to beneficially own the securities of the Issuer owned directly by MAW Management. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.

Remarks:

This Form is being filed by Mel Williams (the "Reporting Person"). The Reporting Person may be deemed a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's Common Stock. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.

	By: Dominic Hong, as Attorney-in-Fact for the Reporting Person, /s/ Dominic Hong	12/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Mel Williams report at P10, Inc. (PX)?

On December 9, 2025, Mel Williams reported that TrueBridge Ascent LLC converted 116,024 shares of Class B Common Stock of P10, Inc. into 116,024 shares of Class A Common Stock on a one-for-one basis.

How does P10, Inc. (PX) describe the conversion rights of its Class B Common Stock?

P10, Inc. states that holders of Class B Common Stock may elect to convert their shares into Class A Common Stock on a one-for-one basis at any time. After certain “Sunset” conditions are met, each Class B share will automatically convert into Class A.

What is the "Sunset" provision mentioned in the P10, Inc. (PX) Form 4?

A “Sunset” occurs upon the earliest of several events: when specified Sunset Holders no longer hold at least 10% of outstanding Class A shares (assuming all Class B are converted), when they cease to hold at least 25% of the aggregate voting power, or on the tenth anniversary of the charter’s effective date. After a Sunset, all Class B shares automatically convert to Class A.

What roles does Mel Williams hold in relation to P10, Inc. (PX)?

Mel Williams is identified as a director of P10, Inc. and may be deemed a member of a Section 13(d) group that collectively beneficially owns more than 10% of the company’s common stock, although he disclaims beneficial ownership beyond his pecuniary interest.

Through which entities does Mel Williams report indirect ownership of P10, Inc. (PX) shares?

Mel Williams reports indirect ownership through TrueBridge Ascent LLC, The Mel Williams Irrevocable Trust u/a/d August 12, 2015, and MAW Management Co., while repeatedly stating that he disclaims beneficial ownership except to the extent of his pecuniary interest.

Did the reported P10, Inc. (PX) transaction involve new shares being issued?

The transaction disclosed is a conversion of 116,024 existing Class B shares into an equal number of Class A shares, as described in the company’s dual-class structure and conversion provisions.