[Form 4] P10, Inc. Insider Trading Activity

Rhea-AI Filing Summary

P10, Inc. (PX) director and 10% owner Mel Williams reported insider transactions involving Class A and Class B Common Stock. On November 13, 2025, TrueBridge Ascent LLC converted 18,427 shares of Class B Common Stock into an equal number of Class A shares, reflecting the one-for-one conversion feature of Class B stock. On November 21, 2025, TrueBridge Ascent LLC sold 18,427 Class A shares at a weighted average price of $9.018, leaving it with zero Class A shares reported in this line.

After these transactions, Williams is reported as indirectly beneficially owning 4,018,995 shares of Class A Common Stock through The Mel Williams Irrevocable Trust and also holding other direct and indirect positions, including through MAW Management Co. The filing notes that Williams may be deemed part of a group that collectively owns more than 10% of P10’s common stock, while he disclaims beneficial ownership beyond his pecuniary 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

OMB APPROVAL

OMB Number:			3235-0287
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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)
11/13/2025

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	11/13/2025		C		18,427	A	(1)(2)	18,427	I(3)	By TrueBridge Ascent LLC
Class A Common Stock	11/21/2025		S		18,427	D	$9.018(4)	0	I(3)	By TrueBridge Ascent LLC
Class A Common Stock								4,018,995	I(5)	By The Mel Williams Irrevocable Trust u/a/d August 12, 2015
Class A Common Stock								71,024	D(6)

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)	11/13/2025		C			18,427	(1)(2)	(1)(2)	Class A Common Stock	18,427	(1)(2)	116,024	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(5)	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(7)	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 November 13, 2025, TrueBridge Ascent LLC converted 18,427 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. Price reflects the weighted average sale price for the shares, which were sold in multiple transactions at prices that ranged from $9.00 to $9.04. Upon request, the Reporting Person will provide information regarding the number of shares sold at each price within the range to the Issuer, any security holder of the issuer, or the SEC staff.

5. 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.

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

7. 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	11/24/2025
	** 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.

FAQ

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

Mel Williams reported that TrueBridge Ascent LLC converted 18,427 shares of Class B Common Stock into 18,427 shares of Class A Common Stock on November 13, 2025, and then sold 18,427 Class A shares on November 21, 2025 at a weighted average price of $9.018.

How many P10 (PX) shares did TrueBridge Ascent LLC hold after the reported sale?

Following the sale of 18,427 Class A shares at a weighted average price of $9.018, the position reported for TrueBridge Ascent LLC in that line shows 0 shares of Class A Common Stock beneficially owned.

What is Mel Williams’ indirect ownership in P10, Inc. (PX) through the Williams Trust?

The filing reports that 4,018,995 shares of Class A Common Stock are owned directly by The Mel Williams Irrevocable Trust u/a/d August 12, 2015, which may be deemed to be beneficially owned indirectly by Mel Williams, subject to his pecuniary interest.

How does the Class B to Class A conversion work for P10 (PX) shares?

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 a defined “Sunset” event becomes effective, each Class B share will automatically convert into one Class A share.

Why does the filing mention a Section 13(d) group for P10 (PX)?

The filing states that Mel Williams may be deemed a member of a Section 13(d) group that collectively beneficially owns more than 10% of P10’s Common Stock. However, he disclaims beneficial ownership of the securities reported, except to the extent of his pecuniary interest.

What price range were the P10 (PX) shares sold at in the reported transaction?

The $9.018 weighted average sale price reflects multiple transactions in which shares were sold at prices ranging from $9.00 to $9.04.