---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-039473"
form_type: "8-K"
ticker: "BENF"
cik: "0001775734"
company_name: "Beneficient"
filed_at: "2024-10-04T23:59:59+00:00"
generated_at: "2026-05-30T20:27:18.123957+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Beneficient reclassifies $126M to permanent equity, appoints Patrick Donegan to board

## Summary
- Appointed Patrick J. Donegan as independent director, effective Sept 30, 2024; serves on Audit, Credit, Risk, and Related Party committees.
- Donegan granted 100,000 stock options at $1.23/share and 138,212 RSUs, vesting quarterly over two and one years respectively.
- Subsidiary BCH redesignated 50% of preferred equity as non-redeemable, reclassifying ~$126M from temporary to permanent equity.
- Redesignation approved by founders holding majority of preferred equity; effective Sept 30, 2024.

## SEC filing metadata
- accession: 0001493152-24-039473
- form_type: 8-K
- ticker: BENF
- cik: 0001775734
- company_name: Beneficient
- filed_at: 2024-10-04T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1775734/000149315224039473/0001493152-24-039473-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1775734/000149315224039473/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-039473
- JSON: https://secwatch.observer/filing/0001493152-24-039473.json
- Plain text: https://secwatch.observer/filing/0001493152-24-039473.txt

## Key facts
- Executive change
  Patrick J. Donegan was appointed as Director at Beneficient.
  - Action: appointed
  - Role: Director
  source text: On September 30, 2024, the board of directors (the “Board”) of the Company appointed Patrick J. Donegan to serve as a director of the Company, effective September 30, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1775734/000149315224039473/0001493152-24-039473-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.