Beneficient announced that James G. Silk resigned as a member of the Board of Directors and from his role as Executive Vice President and Chief Legal Officer of the Company effective May 10, 2024. Mr. Silk?s resignation from the Board was not a result of a disagreement with the Company or the Board on any matter relating to the Company?s operations, policies or practices, or any other matter. Following his resignation, Mr. Silk has agreed to continue to serve as a consultant to the Company.

In connection with such role, Mr. Silk would receive an annual payment of $50,000, with such amount to be paid in the Company?s Class A common stock, par value $0.001.