# EDGAR Filing Document

**Accession Number:** 0001775734
**File Stem:** 0001493152-25-026399
**Filing Date:** 2025-12
**Character Count:** 21328
**Document Hash:** 696943125a8af69aba2572988f89fdb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-026399.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001493152-25-026399

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beneficient
- **CENTRAL INDEX KEY:** 0001775734
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 721573705
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291971
- **FILM NUMBER:** 251553524

**BUSINESS ADDRESS:**
- **STREET 1:** 325 N. SAINT PAUL STREET
- **STREET 2:** SUITE 4850
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 2144454705

**MAIL ADDRESS:**
- **STREET 1:** 325 N. SAINT PAUL STREET
- **STREET 2:** SUITE 4850
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Beneficient Co Group, L.P.
- **DATE OF NAME CHANGE:** 20190503

**As filed with the Securities and Exchange Commission on December 5, 2025**

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

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**FORM S-8**

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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**Beneficient**

**(Exact name of registrant as specified in its charter)** 

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| | |
|:---|:---|
| **Nevada** | **72-1573705** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **325 N. Saint Paul Street**<br> **Suite 4850**<br> **Dallas, Texas** | **75201** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

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**THE BENEFICIENT 2023 LONG-TERM EQUITY INCENTIVE PLAN** 

**(Full title of the plans)** 

**James G. Silk** 

**325 N. Saint Paul Street** 

**Suite 4850** 

**Dallas, Texas 75201** 

**Telephone: (214) 445-4700** 

**(Name and address, including zip code, and telephone number, including area code, of agent for service)** 

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***Copies to:***

**Matthew L. Fry, Esq.** 

**Haynes and Boone, LLP** 

**2801 N. Harwood Street, Suite 2300**

**Dallas, TX 75201** 

**(214) 651-5000** 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (the "Registration Statement") is filed by Beneficient, a Nevada corporation (the "Company" or the "Registrant"), to register an additional 2,023,618 shares of its Class A common stock, par value $0.001 per share ("Class A Common Stock"), issuable to eligible employees, contractors and non-employee directors of the Company and its subsidiaries and affiliated entities under the Beneficient 2023 Long-Term Incentive Plan (the "Plan"). Such shares consist of (i) 1,773,618 shares of Class A Common Stock that have or will become reserved for issuance as a result of the operation of the "evergreen" provision of the Plan and (ii) 250,000 shares of Class A Common Stock that may again become available for delivery with respect to awards under the Plan pursuant to the share recycling provision of the Plan. The contents of the previous Registration Statement on Form S-8 (File No. 333-273331) filed by the Registrant with the Securities and Exchange Commission on July 19, 2023 (the "Prior Registration Statement") relating to the Plan, including reports that the Registrant filed after the Prior Registration Statement to maintain current information about the Registrant, are incorporated by reference into this Registration Statement pursuant to General Instruction E of Form S-8. The Prior Registration Statement is currently effective.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 8. Exhibits.** 

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| | |
|:---|:---|
| **Exhibit<br> Number** |  |
| 4.1 | [Articles of Incorporation of Beneficient (incorporated by reference to Exhibit 3.1.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on June 8, 2023).](https://www.sec.gov/Archives/edgar/data/1775734/000119312523162954/d504781dex311.htm) |
| 4.2 | [Certificate of Change to the Articles of Incorporation, filed April 15, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on April 16, 2024).](https://www.sec.gov/Archives/edgar/data/1775734/000119312524097050/d774956dex31.htm)<br>|
| 4.3 | [Certificate of Amendment to the Articles of Incorporation, filed October 2, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on October 4, 2024).](https://www.sec.gov/Archives/edgar/data/1775734/000149315224039514/ex3-1.htm) |
| 4.4 | [Certificate of Designation of Beneficient Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1.2 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on June 8, 2023).](https://www.sec.gov/Archives/edgar/data/1775734/000119312523162954/d504781dex312.htm) |
| 4.5 | [Certificate of Designation of Beneficient Series B-1 Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on August 2, 2023).](https://www.sec.gov/Archives/edgar/data/1775734/000119312523201766/d490809dex31.htm) |
| 4.6 | [Certificate of Designation of Beneficient Series B-2 Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on February 6, 2023).](https://www.sec.gov/Archives/edgar/data/1775734/000119312524025322/d72720dex31.htm) |
| 4.7 | [Certificate of Designation of Beneficient Series B-3 Convertible Preferred Stock (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on February 6, 2023).](https://www.sec.gov/Archives/edgar/data/1775734/000119312524025322/d72720dex32.htm) |
| 4.8 | [Certificate of Designation of Beneficient Series B-4 Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on March 28, 2024).](https://www.sec.gov/Archives/edgar/data/1775734/000119312524080758/d816554dex31.htm) |
| 4.9 | [Certificate of Designation of Beneficient Series B-5 Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on January 6, 2025).](https://www.sec.gov/Archives/edgar/data/1775734/000149315225000368/ex3-1.htm) |
| 4.10 | [Certificate of Designation of Beneficient Series B-6 Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on April 7, 2025).](https://www.sec.gov/Archives/edgar/data/1775734/000164117225002895/ex3-1.htm) |
| 4.11 | [Certificate of Designation of Beneficient Series B-7 Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on April 25, 2025).](https://www.sec.gov/Archives/edgar/data/1775734/000164117225006079/ex3-1.htm) |
| 4.12 | [Certificate of Designation of Beneficient Series B-8 Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on June 25, 2025).](https://www.sec.gov/Archives/edgar/data/1775734/000164117225016351/ex3-1.htm) |
| 4.13 | [Bylaws of Beneficient (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K (File No. 001-41715) filed with the Securities and Exchange Commission on June 8, 2023).](https://www.sec.gov/Archives/edgar/data/1775734/000119312523162954/d504781dex32.htm) |
| 4.14 | [Beneficient 2023 Long-Term Equity Incentive Plan (incorporated by reference to Exhibit 10.7.1 to the Company's Annual Report on Form 10-K (File No. 001-41715) filed with the Securities and Exchange Commission on July 13, 2023).](https://www.sec.gov/Archives/edgar/data/1775734/000119312523162954/d504781dex107.htm) |
| 5.1\* | [Opinion of Haynes and Boone, LLP.](ex5-1.htm) |
| 23.1\* | [Consent of Weaver & Tidwell LLP, independent registered accounting firm for Beneficient.](ex23-1.htm) |
| 23.2\* | [Consent of Haynes and Boone, LLP (included in Exhibit 5.1).](ex5-1.htm) |
| 107.1\* | [Filing Fee Table.](ex107.htm) |

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\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Dallas, Texas, on the 5th day of December, 2025.

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| | |
|:---|:---|
| **BENEFICIENT** | **BENEFICIENT** |
| By: | */s/ James G. Silk* |
| Name: | James G. Silk |
| Title: | Interim Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints James G. Silk or Gregory W. Ezell, each with full power to act alone, as his or her true and lawful attorney-in-fact and agent, with full power of substitution, for him or her and on his or her behalf and in his or her name, place and stead, in any and all capacities, to execute any and all amendments (including post-effective amendments) to this Registration Statement, including, without limitation, additional registration statements filed pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same, as fully and to all intents and purposes as he or she might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or their substitute or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ James G. Silk*<br> James G. Silk | Interim Chief Executive Officer<br> (Principal Executive Officer) | December 5, 2025 |
| */s/ Gregory W. Ezell*<br> Gregory W. Ezell | Chief Financial Officer<br> (Principal Financial and Accounting Officer) | December 5, 2025 |
| */s/ Peter T. Cangany, Jr.*<br> Peter T. Cangany, Jr. | Director | December 5, 2025 |
| */s/ Patrick J. Donegan*<br> Patrick J. Donegan | Director | December 5, 2025 |
| */s/ Derek L. Fletcher*<br> Derek L. Fletcher | Chief Fiduciary Officer and Director | December 5, 2025 |
| <br> Thomas O. Hicks | Chairman of the Board and Director | December 5, 2025 |
| */s/ Bruce W. Schnitzer*<br> Bruce W. Schnitzer | Director | December 5, 2025 |
| */s/ Karen J. Wendel*<br> Karen J. Wendel | Director | December 5, 2025 |

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## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | ![](ex5-1_002.jpg) |

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December 5, 2025

Beneficient

325 N. Saint Paul Street, Suite 4850

Dallas, Texas 75201

Re: Beneficient Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel to Beneficient, a Nevada corporation (the "Company"), with respect to certain legal matters in connection with the preparation of the Company's Registration Statement on Form S-8 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), filed with the Securities and Exchange Commission on the date hereof. The Registration Statement relates to the registration of 2,023,618 shares (the "Shares") of the Company's Class A common stock, $0.001 par value per share (the "Common Stock"), reserved for issuance under the Beneficient 2023 Long-Term Incentive Plan (the "Plan").

This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

The opinion expressed herein is limited exclusively to the laws of the state of Nevada, as currently in effect, and we have not considered, and express no opinion on, any other laws.

In rendering the opinion set forth herein, we have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Articles of Incorporation of the Company and the Bylaws of the Company; (ii) certain resolutions of the board of directors of the Company related to the Plan; (iii) the Plan; (iv) the Registration Statement and all exhibits thereto; (v) the specimen Common Stock certificate; (vi) a certificate executed by an officer of the Company, dated as of the date hereof; and (vii) such other records, documents and instruments as we considered appropriate for purposes of the opinion stated herein.

In making the foregoing examinations, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents submitted to us as certified, conformed or photostatic copies thereof and the authenticity of the originals of such latter documents. As to all questions of fact material to the opinion stated herein, we have, without independent third-party verification of their accuracy, relied in part, to the extent we deemed reasonably necessary or appropriate, upon the representations and warranties of the Company contained in such documents, records, certificates, instruments or representations furnished or made available to us by the Company.

In rendering the opinion set forth below, we have assumed that, at the time of the issuance of the Shares, (i) the resolutions referred to above will not have been modified or rescinded; (ii) there will not have occurred any change in the law affecting the authorization, execution, delivery, validity or fully paid status of the Common Stock; and (iii) the Company will receive consideration for the issuance of the Shares that is at least equal to the par value of the Common Stock.

Based on the foregoing, and subject to the assumptions, qualifications, limitations, and exceptions set forth herein, we are of the opinion that upon the issuance of the Shares in accordance with the terms of the Plan, the Shares will be validly issued, fully paid and non-assessable.

---

| | |
|:---|:---|
| **Haynes and Boone, LLP**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801 N. Harwood Street \| Suite 2300 \| Dallas, TX 75201<br> T: 214.651.5000 \| haynesboone.com |

---

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | ![](ex5-1_002.jpg) |

---

Beneficient

December 5, 2025

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to all references to us in the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations thereunder. This opinion is given as of the date hereof and we assume no obligation to update or supplement such opinion after the date hereof to reflect any facts or circumstances that may thereafter come to our attention or any changes that may thereafter occur.

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| |
|:---|
| Very truly yours, |
| /s/ Haynes and Boone, LLP |
| HAYNES AND BOONE, LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

 

*Consent of Independent Registered Public Accounting Firm*

We consent to the incorporation by reference in Beneficient's Registration Statement on Form S-8 of our report dated September 29, 2025 on our audits of the consolidated financial statements of Beneficient as of March 31, 2025 and 2024 and for each of the years then ended appearing in Beneficient's Annual Report on Form 10-K for the year ended March 31, 2025, which includes an explanatory paragraph regarding substantial doubt about Beneficient's ability to continue as a going concern.

Weaver and Tidwell, L.L.P.

/s/ Weaver and Tidwell, L.L.P.

San Antonio, Texas

December 5, 2025

Weaver and Tidwell, L.L.P.

9311 San Pedro Avenue, Suite 1400 ***\|*** San Antonio, Texas 78216

Main: 210.737.1042

**CPAs AND ADVISORS \| WEAVER.COM**

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

**<u>FORM S-8</u>**

(Form Type)

**<u>BENEFICIENT</u>**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security**<br> **Type** | **Security<br> Class**<br> **Title** | **Fee<br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered<sup>(1)(2)</sup>** | **Proposed**<br> **Maximum**<br> **Offering**<br> **Price Per<br> Share<sup>(3)</sup>**  | **Proposed**<br> **Maximum<br> Aggregate<br> Offering<br> Price<sup>(3)</sup>**  | **Fee Rate** | **Amount of**<br> **Registration<br> Fee** |
| Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities |
| Fees to be paid | Equity | Class A<br> Common<br> Stock | 457(c) and 457(h) | 2023618 | $0.5707 | $1154878.79 | $0.0001381 | $159.49 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |
| Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities |
| Carry Forward Securities |  |  |  |  |  |  |  |  |
|  |  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $1154878.79 |  | $159.49 |
|  |  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  | $— |
|  |  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | $— |
|  |  | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $159.49 |

---

(1) This
 Registration Statement on Form S-8 (the "Registration Statement") covers (i) shares of Class A common stock, $0.001 par
 value per share ("Class A Common Stock"), of Beneficient (the "Registrant") authorized for issuance under
 the Beneficient 2023 Long-Term Incentive Plan (the "Plan") and (ii) pursuant to Rule 416(a) under the Securities Act
 of 1933, as amended (the "Securities Act"), any additional shares of Class A Common Stock that may become issuable under
 the Plan by reason of any stock dividend, stock split or other similar transaction.

(2) Includes
(i) 1,773,618 shares of the Registrant's Class A Common Stock that have or will become reserved for issuance as a result of the
"evergreen" provision of the Plan and (ii) 250,000 shares of Class A Common Stock that may again become available for delivery
with respect to awards under the Plan pursuant to the share recycling provision of the Plan. See Explanatory Note.

(3) Estimated
 solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act, based on the
 average of the high ($0.5942) and low ($0.5472) prices of the shares of Class A Common Stock on The Nasdaq Capital Market on December
 1, 2025 (such date being within five business days of the date that this registration statement was first filed with the Securities
 and Exchange Commission).