Warrants given to charitable trust controlled by family- are they still synthetic equity

I have an ESOP where the family that sold the stock to the ESOP received warrants when the sale was closed.  That is clearly synthetic equity. 

In 2021 the family give some of the warrants to a charitable trust they control but the assets in the trust have to be used for charitable purposes. 

Are those  warrants still synthetic equity?

Am am leaning towards no since no one in the family is a beneficiary of the trust but I am not finding a direct cite.  Does anyone know of a direct cite or has a thought let me know. 

This is likely a gray area and may hinge on state law.  Given the consequences of failing 409p, I would treat the warrants as synthetic equity.