A beneficial owner is an individual who either directly or indirectly:
- Owns or controls at least 25% of the reporting company’s ownership interests.
- Exercises substantial control over the reporting company.
An individual is considered to exercise substantial control over a reporting company if they:
- Hold a senior officer position (e.g., president, CFO, general counsel).
- Possess the authority to appoint or remove specific officers or a majority of directors.
- Serve as an important decision-maker for the company.
- Exercise any other form of substantial control over the reporting company.
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