Form 4: Bentley Systems' Chief Legal Officer, David R. Shaman, Reports Changes in Beneficial Ownership

David R. Shaman, Chief Legal Officer of Bentley Systems, reports acquisition of Class B Common Stock and adjustments to holdings in grantor retained annuity trusts and 401(k) plan.

Summary

• On June 26, 2024, David R. Shaman, the Chief Legal Officer of Bentley Systems, reported changes in his beneficial ownership of the company's stock.
• He acquired 50,161 shares of Class B Common Stock at a price of $0.00.
• Following the transaction, Shaman directly owns 608,903 shares of Class B Common Stock.
• He also indirectly owns 397,716 shares through Grantor Retained Annuity Trusts and 32,635 shares through a 401(k) Plan.
• The acquisition includes a time-based restricted stock unit award that vests over five years, with 20% vesting annually starting December 15, 2025.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of shares by the Chief Legal Officer indicates confidence in the company's future, but it's a routine transaction related to compensation.

Positives

• The acquisition of restricted stock units aligns the executive's interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the Chief Legal Officer.

Future Outlook

The executive's holdings will increase incrementally over the next five years as the restricted stock units vest annually.

Industry Context

Form 4 filings are standard disclosures required by the SEC to provide transparency into the transactions of company insiders, allowing investors to monitor executive compensation and alignment with shareholder interests.

Comparison to Industry Standards

• Executive compensation packages often include restricted stock units to align management's interests with shareholder value, a common practice among publicly traded companies like Autodesk (ADSK) and Trimble (TRMB) in the software and engineering solutions sector.
• Vesting schedules over multiple years are typical to incentivize long-term commitment, similar to practices observed at Dassault Systèmes (DASTY) and Ansys (ANSS).

Stakeholder Impact

• The transaction provides transparency to shareholders regarding executive compensation and ownership.
• The vesting schedule incentivizes the Chief Legal Officer to remain with the company, benefiting employees and other stakeholders.

Key Dates