SGC (NASDAQ: SGC) CEO Michael Benstock discloses 92,548-share charitable gift in Form 4/A
Rhea-AI Filing Summary
SUPERIOR GROUP OF COMPANIES, INC. CEO Michael Benstock filed an amended insider report updating a prior share transfer. The amended Form 4 now shows a bona fide gift of 92,548 shares of common stock to a donor advised philanthropy fund, with no payment of consideration received.
Following the gift, Benstock directly holds 618,089 common shares, some of which were granted under restricted stock awards, with 193,571 shares still subject to forfeiture as of the filing date. He also reports indirect holdings of 22,000 shares through his spouse and 397,006 shares held in an irrevocable trust for which he disclaims beneficial ownership.
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Insights
Amended filing reports a large charitable gift with no market sale.
CEO Michael Benstock updated his prior disclosure to show a gift of 92,548 shares of SUPERIOR GROUP OF COMPANIES common stock to a donor advised philanthropy fund. The transaction is reported as a bona fide gift, with no consideration paid to him.
After the transfer, he still directly holds 618,089 shares, and an additional 22,000 shares are held by his spouse and 397,006 shares are in an irrevocable trust where he disclaims beneficial ownership. Because this is a non-cash charitable disposition rather than an open-market sale or purchase, it is generally viewed as a routine personal planning event.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Common Stock | 92,548 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (3)
- F1. This Form 4A is being filed to amend the number of shares reported in the transfer to the Donor Advised Philanthropy Fund from 59,132 to 92,548.
- F2. The reported transaction involves a transfer of 92,548 shares of common stock as a bona fide gift to a donor advised philanthropy fund, for which no payment of consideration was received by the reporting person.
- F3. Certain of these shares were granted under restricted stock awards and are subject to forfeiture. Of such shares, 193,571 continue to be subject to forfeiture as of the date of this filing.
Key Figures
Key Terms
bona fide gift financial
donor advised philanthropy fund financial
restricted stock awards financial
subject to forfeiture financial
disclaims beneficial ownership financial
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