GWG Holdings, Inc. - Jun 7, 2023 Form 3 Insider Report for Beneficient (BENF)

Role: 10%+ Owner
Signature: /s/ Jeffrey S. Stein, Chief Executive Officer of GWG Holdings, Inc.
Stock symbol: BENF
Transactions as of: Jun 7, 2023
Transactions value $: $0
Form type: 3
Date filed: 6/7/2023, 09:22 PM
Previous filing: Jun 2, 2023
Next filing: Jul 11, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BENF	Class A Common Stock, $0.001 par value						58.6M	Jun 7, 2023	Direct
holding	BENF	Class A Common Stock, $0.001 par value						67.1M	Jun 7, 2023	By Subsidiary	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	BENF	Preferred C-1 Unit of Beneficient Company Holdings, L.P.							Jun 7, 2023	Class A Common Stock, $0.001 par value	20.1M	$10.20	Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares are owned directly by GWG Life USA, LLC, which is a wholly owned subsidiary of GWG Holdings, Inc. As such, GWG Holdings, Inc. is an indirect beneficial owner of the reported securities.
F2	The Preferred C-1 Units held by the reporting person will automatically convert to the Class A Common Stock on the business day after the VWAP Period. The "VWAP Period" is the period commencing on the first trading day after June 7, 2023 and ending on the 20th trading day after June 7,2023.
F3	The conversion price of the Preferred C-1 Units held by the reporting person will be the lower of (i) the volume-weighted average trading price of the issuer's Class A common stock for the 20 trading days following June 7, 2023 and (ii) $10.20 per share of Class A common stock.