Beneficient hit with $55.3M arbitration award; EVP/CLO Silk resigns

Beneficient

James G. Silk resigns from Board and as EVP/Chief Legal Officer effective May 10, 2024; will consult for $50k/year in stock.
Arbitrator awards $55.3M compensatory damages plus post-judgment interest and ~$128,850 costs to former director.
Claimant originally sought $36.3M; award exceeds that amount. No attorneys' fees or punitive damages awarded.
Company exploring options including possible motion to vacate award or negotiate settlement.
Resignation not due to disagreement with company on operations, policies, or practices.

item 5.02 item 8.01

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Departed

James G. Silk

Executive Vice President and Chief Legal Officer

BENF · Beneficient

Effective: 2024-05-10
Filed: April 30, 2024, 7:59 PM ET

On April 29, 2024, James G. Silk resigned as a member of the Board of Directors (the “Board”) of Beneficient (the “Company” or “Ben”) and from his role as Executive Vice President and Chief Legal Officer of the Company effective May 10, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

James G. Silk resigned as Executive Vice President and Chief Legal Officer at Beneficient.

Action: resigned
Role: Executive Vice President and Chief Legal Officer

Exact text from the filing

On April 29, 2024, James G. Silk resigned as a member of the Board of Directors (the “Board”) of Beneficient (the “Company” or “Ben”) and from his role as Executive Vice President and Chief Legal Officer of the Company effective May 10, 2024.

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Beneficient filing history →

Source: SEC EDGAR

accession 0001193125-24-125394

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